Nifty Media Weekly Outlook and Analysis:
For the Week: (August 23,2021 – August 27,2021)
NIFTY MEDIA Index closed the week on negative note losing 101.70 points 5.96%.
Weekly High: 1,706.70
Weekly Low: 1,600.50
Weekly Close: 1,604.15
Weekly Support & Resistance For Nifty Media Index:
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1565 levels, whereas minor resistance on the upside is capped around 1650-1665 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 1500 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 1700.
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 1525 on downside and 1685 on upside.