Nifty Media Weekly Outlook and Analysis:
For the Week: (April 12,2021 – April 16,2021)
NIFTY MEDIA Index closed the week on negative note losing 23.45 points 1.48%.
Weekly High: 1,564.20
Weekly Low: 1,498.75
Weekly Close: 1,556.95
Weekly Support & Resistance For Nifty Media Index:
NIFTY MEDIA index opened gap down and dragged in early part of the week. Index traded range bound in mid week. Index witnessed bout of short covering at fag end of the week and trimmed losses. We expect index could see further short covering bounce, though rally could be short lived if broader market resume down trend.
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1515 levels, whereas minor resistance on the upside is capped around 1585-1600 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 1475 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 1625.
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 1500 on downside and 1600 on upside.