Nifty Media Weekly Outlook and Analysis:
For the Week: (June 05, 2021 – June 11, 2021)
NIFTY MEDIA Index closed the week on positive note gaining 32.20 points 1.80%.
Weekly High: 1,822
Weekly Low: 1,741.85
Weekly Close: 1,817.95
Weekly Support & Resistance For Nifty Media Index:
NIFTY MEDIA index opened flat and dragged in early part of the week. Index witnessed buying in later half tracking strong broader gain. Index recoup all the losses and ended with muted gain. We expect index likely to continue this uptrend and could give breakout of its strong resistance zone going forward.
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1765 levels, whereas minor resistance on the upside is capped around 1865-1885 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 1725 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 1950.
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 1750 on downside and 1900 on upside.