Nifty Media Weekly Outlook and Analysis:
For the Week: (Oct 11,2021 – Oct 15,2021)
NIFTY MEDIA Index closed the week on positive note gaining 99.75 points 4.63%.
Weekly High: 2,272
Weekly Low: 2,156.20
Weekly Close: 2,254.05
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 2200 levels, whereas minor resistance on the upside is capped around 2300-2325 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 2100 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 2400.
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 2150 on downside and 2375 on upside.