For the Week: (Dec 14,2020 – Dec 18,2020)
NIFTY MEDIA Index closed the week on positive note gaining 75.20 points 4.75%.
Weekly High: 1,679.85
Weekly Low: 1,581.85
Weekly Close: 1,658.70
Weekly Support & Resistance For Nifty Media Index:
NIFTY MEDIA index opened gap up and extended gain during the week. Index continued its higher top higher bottom formation on daily charts. However, index witnessed profit booking at fag end of the week from its strong resistance zone. We expect index could face bout of profit booking, if unable to surpass this resistance zone.
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1600 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 1525 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 1850.
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 1550 on downside and 1775 on upside.