Nifty Media Outlook for the Week (Oct 18,2021 – Oct 22,2021)

Nifty Media Weekly Outlook and Analysis:

For the Week: (Oct 18,2021 – Oct 22,2021)

NIFTY MEDIA Index closed the week on positive note gaining 96.80 points 4.29%.

Weekly High: 2,357.85

Weekly Low: 2,239.85

Weekly Close: 2,350.85

Weekly Support & Resistance For Nifty Media Index:

RESISTANCE 22,434           
SUPPORT 12,274
SUPPORT 22,198  

Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 2275 levels, whereas minor resistance on the upside is capped around 2400-2425 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 2200 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 2500.

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 2250 on downside and 2450 on upside.

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