For the Week: (Dec 28,2020 – Jan 01,2021)
NIFTY MEDIA Index closed the week on negative note losing 53.60 points 3.17%.
Weekly High: 1,700.60
Weekly Low: 1,517.50
Weekly Close: 1,638.15
Weekly Support & Resistance For Nifty Media Index:
NIFTY MEDIA index opened flat and dragged in opening session of the week. However, index recovered partial losses after it took support of 200 day ema and ended on negative note. We expect index likely to continue its sideways corrective action going forward. Momentum indicator also trending down which support bearish activity.
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1585 levels, whereas minor resistance on the upside is capped around 1685-1700 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 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 1550 on downside and 1725 on upside.