Nifty Media Weekly Outlook and Analysis:
For the Week: (July 25, 2022 – July 29, 2022)
NIFTY MEDIA Index closed the week on positive note gaining 38.75 points 2%.
Weekly High: 1,991.40
Weekly Low: 1,943.20
Weekly Close: 1,976.90
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 1945 levels, whereas minor resistance on the upside is capped around 2000-2015 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 1915 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 2045.
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 1925 on downside and 2025 on upside.