Nifty Media Outlook for the Week (Nov 01,2021 – Nov 05,2021)

Nifty Media Weekly Outlook and Analysis:

For the Week: (Nov 01,2021 – Nov 05,2021)

NIFTY MEDIA Index closed the week on negative note losing 35.55 points 1.56%.

Weekly High: 2,355.80

Weekly Low: 2,198.85

Weekly Close: 2,246

Weekly Support & Resistance For Nifty Media Index:

RESISTANCE 22,423             
SUPPORT 12,177
SUPPORT 22,109  

Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 2200 levels, whereas minor resistance on the upside is capped around 2275-2300 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 2155 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 2350.

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 2175 on downside and 2325 on upside.

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