Nifty Realty Weekly Outlook and Analysis:
For the Week: (May 24,2021 – May 28,2021)
NIFTY MEDIA Index closed the week on positive note gaining 63.25 points 3.94%.
Weekly High: 1,693.45
Weekly Low: 1,584.10
Weekly Close: 1,667.60
Weekly Support & Resistance For Nifty Media Index:
NIFTY MEDIA index opened tad higher and dragged in opening session of the week. However, index recovered in later half of the week back of better than expected quarterly results from index heavyweights. We expect index likely to continue this up move going forward if broader market remain resilient.
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1635 levels, whereas minor resistance on the upside is capped around 1700-1725 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 1575 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 1775.
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 1600 on downside and 1750 on upside.