Nifty Media Weekly Outlook and Analysis:
For the Week: (May 3,2021 – May 7,2021)
NIFTY MEDIA Index closed the week on positive note gaining 34.30 points 2.27%.
Weekly High: 1,572.85
Weekly Low: 1,507.95
Weekly Close: 1,547.95
Weekly Support & Resistance For Nifty Media In-dex:
NIFTY MEDIA index opened tad higher in opening session of the week. Index extended gain in lackluster manner in early part of the week. Index witnessed profit booking in later half of the week and ended with muted gain. We expect index likely to re-sume its southward journey if broader market unable to hold last week’s gain.
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1510 levels, whereas mi-nor resistance on the upside is capped around 1575-1595 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.