Nifty Media Weekly Outlook and Analysis:
For the Week: (Jan 23, 2023 – Jan 27, 2023)
NIFTY MEDIA Index closed the week on negative note losing 84.05 points 4.26%.
Weekly High: 1,979.05
Weekly Low: 1,883.10
Weekly Close: 1,888.30
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 1,845 levels, whereas minor resistance on the upside is capped around 1,915-1,935 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 1,800 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 1,965.
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 1,825 on downside and 1,950 on upside.