EquityPandit’s Outlook for NIFTY MEDIA for the week (July 06, 2020 – July 10, 2020):
NIFTY MEDIA Index closed the week on negative note losing 31.65 points 2.26%.
Weekly High: 1,394.05
Weekly Low: 1,328.55
Weekly Close: 1,370.45
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1320 levels, whereas minor resistance on the upside is capped around 1400-1430 levels.
If NIFTY MEDIA index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 1250 and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 1500.
Currently NIFTY MEDIA index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 1275 on downside and 1475 on upside.
WEEKLY PIVOT LEVELS:
RESISTANCE 2: 1,429
RESISTANCE 1: 1,400
SUPPORT 1: 1,334
SUPPORT 2: 1,298