Nifty Media Weekly Outlook and Analysis:
For the Week: (May 10, 2021 – May 14, 2021)
NIFTY MEDIA Index closed the week on a positive note gaining 19.05 points 1.23%.
Weekly High: 1,592.45
Weekly Low: 1,511.30
Weekly Close: 1,567
Weekly Support & Resistance For Nifty Media In-dex:
NIFTY MEDIA index opened a tad lower in the opening session of the week. The index traded choppy in the early part of the week amid broader weakness. Index staged a rally in the later half of the week and ended on a positive note. We expect the index likely to continue this up move going forward if the broader market remains resilient.
Technically on the daily charts, we see minor support on the downside for the NIFTY MEDIA index lies at 1535 levels, whereas mi-nor resistance on the upside is capped around 1600-1615 levels.
If the NIFTY MEDIA index breaches minor support on the downside and closes below it, we may see a fresh break down and the index can drag towards major support on the lower side around 1500 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 1650.
Currently, the NIFTY MEDIA index is trading below 200 days exponential moving average and suggests the long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 1525 on the downside and 1625 on the upside.