Nifty Media Weekly Outlook and Analysis:
For the Week: (July 19, 2021 – July 23, 2021)
NIFTY MEDIA Index closed the week on negative note losing 24.05 points 1.32%.
Weekly High: 1,841.60
Weekly Low: 1,797.30
Weekly Close: 1,800.90
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 1775 levels, whereas minor resistance on the upside is capped around 1825-1835 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 1750 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 1865.
Currently NIFTY MEDIA index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 1755 on downside and 1850 on upside.