For the Week: (Oct 12,2020 – Oct 16,2020)
NIFTY MEDIA Index closed the week on negative note losing 36.25 points 2.28%.
Weekly High: 1,627.10
Weekly Low: 1,548.05
Weekly Close: 1,554.85
Weekly Support & Resistance For Nifty Media Index:
NIFTY MEDIA index has formed dark cloud cover bearish candle pattern. We expect index likely to witness selling pressure once it close below its 200 day ema going forward.
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1520 levels, whereas minor resistance on the upside is capped around 1575-1600 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 1465 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 1650.
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 1475 on downside and 1600 on upside.