For the Week: (Dec 07,2020 – Dec 11,2020)
NIFTY MEDIA Index closed the week on positive note gaining 80.35 points 5.35%.
Weekly High: 1,617.15
Weekly Low: 1,498.25
Weekly Close: 1,583.50
Weekly Support & Resistance For Nifty Media Index:
NIFTY MEDIA index opened gap up and rallied throughout the week. Index formed higher high higher low pattern on daily charts. However, index witnessed profit booking at fag end of the week. We expect index could face bout of profit booking, trader should adopt boy on dip strategy.
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1545 levels, whereas minor resistance on the upside is capped around 1625-1645 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 1485 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 above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 1500 on downside and 1685 on upside.