EquityPandit’s Outlook for NIFTY MEDIA for the week (May 11, 2020 – May 15, 2020):

NIFTY MEDIA:

NIFTY MEDIA Index closed the week on negative note losing 54.65 Points 4.71%.

Weekly High: 1,141.75

Weekly Low: 1,082.85

Weekly Close: 1,105.10

Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1060 levels, whereas minor resistance on the upside is capped around 1145-1165 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 975 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 1225.

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 1000 on downside and 1200 on upside.

Weekly Pivot Levels:
RESISTANCE 2: 1,168

RESISTANCE 1: 1,136

SUPPORT 1: 1,078

SUPPORT 2: 1,051