EquityPandit’s Outlook for NIFTY MEDIA for the week (Jan 20, 2020 – Jan 24, 2020):
NIFTY MEDIA Index closed the week on positive note gaining 99.45 Points 5.62%.
Weekly High: 1,875.80
Weekly Low: 1,758.95
Weekly Close: 1,870.10
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1800 levels, whereas minor resistance on the upside is capped around 1925-1935 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 1750 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 1975.
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 1775 on downside and 1975 on upside.
RESISTANCE 2: 1,951
RESISTANCE 1: 1,910
SUPPORT 1: 1,794
SUPPORT 2: 1,718