EquityPandit’s Outlook for NIFTY MEDIA for the week (July 22, 2019 – July 26, 2019):
NIFTY MEDIA Index closed the week on negative note loosing –46.00 Points –2.23%
Weekly High: 2087.10
Weekly Low: 1991
Weekly Close: 2020.10
RESISTANCE 2: 2129
RESISTANCE 1: 2074
SUPPORT 1: 1978
SUPPORT 2: 1937
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1970 levels, whereas minor resistance on the upside is capped around 2090– 2100 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 index towards major support on lower side around 1890 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 2200.
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 2200 on upside and 1890 on downside.