Nifty Media Weekly Outlook and Analysis:
For the Week: (Sept 06,2021 – Sept 11,2021)
NIFTY MEDIA Index closed the week on positive note gaining 46.30 points 2.91%.
Weekly High: 1,658
Weekly Low: 1,597.15
Weekly Close: 1,639.75
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 1610 levels, whereas minor resistance on the upside is capped around 1665-1675 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 1580 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 1700.
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 1600 on downside and 1685 on upside.