Nifty Media Weekly Outlook and Analysis:
For the Week: (April 05,2021 – April 09,2021)
NIFTY MEDIA Index closed the week on positive note gaining 35.90 points 2.32%.
Weekly High: 1,586.50
Weekly Low: 1,527.65
Weekly Close: 1,580.40
Weekly Support & Resistance For Nifty Media Index:
NIFTY MEDIA index opened tad higher and traded flat in early part of the week despite broader gain. However, index witnessed strong buying at fag end of the week tracking broader gain. We expect index could see further short covering bounce if broader market remain resilient going forward.
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1535 levels, whereas minor resistance on the upside is capped around 1600-1625 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 1485 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 1675.
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 1515 on downside and 1650 on upside.