For the Week: (Sept 21,2020 – Sept 25,2020)
NIFTY MEDIA Index closed the week on positive note gaining 1.65 points 0.10%.
Weekly High: 1,1675.10
Weekly Low: 1,615.05
Weekly Close: 1,631.60
Weekly Support & Resistance For Nifty Media Index:
NIFTY MEDIA index has formed ascending triangle pattern on daily charts. We expect index likely to give triangle breakout if broader market continue its range trading activity in coming days.
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 1660-1680 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 1550 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 1750.
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 1575 on downside and 1750 on upside.