EquityPandit’s Outlook for NIFTY MEDIA for the week (Dec 09, 2019 – Dec 13, 2019):
NIFTY MEDIA Index closed the week on negative note losing 47.50 Points 2.59%.
Weekly High: 1,868.05
Weekly Low: 1,763.35
Weekly Close: 1,787.40
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1700 levels, whereas minor resistance on the upside is capped around 1875-1900 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 1625 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 1650 on downside and 1900 on upside.
RESISTANCE 2: 2,047
RESISTANCE 1: 1,941
SUPPORT 1: 1,769
SUPPORT 2: 1,705