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Nifty Media Index Weekly Outlook and Analysis:

For the Week: (July 31, 2023 – Aug 04, 2023)

Nifty Media Outlook for the Week (July 31, 2023 – Aug 04, 2023)

NIFTY MEDIA Index closed the week on positive note gaining 68.40 points 3.45%.

Weekly High: 2,060.90

Weekly Low: 1,958

Weekly Close: 2,052.55

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 2,000 levels, whereas mi- nor resistance on the upside is capped around 2,085-2,100 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 1,950 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 2,150.

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 1,975 on downside and 2,125 on upside.

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