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Nifty Media Index - Tortoise in a Race

Apr 12, 2022

The media sector has had a painful 3 years between 2018-2020 but the reversal in 2020 was the light at the end of the tunnel.

The falling trendline (red) in the chart below, connecting the highs of 2018, acted as a resistance till the price broke out in 2020. It then retested and slowly but steadily headed northwards.

 

I always love the trend with tortoise moves as they strengthen the rally. The sharp rise like rabbit moves are always dangerous as you are not sure when the rabbit will go to sleep.

Just like a tortoise, the recent rally in the Nifty Media index, is trending between the rising channel (highlighted in blue in chart). It's heading higher with the upper level of the channel placed above 2,700 levels, which is over 10%. This is an opportunity for the bulls.

The bullish crossover of averages and the rising histogram above the integer line on the MACD in the lower panel indicates bullish momentum on the weekly scale.

The slow and steady winning race can be on cards for Media sector as 2,700-2,750 can be the target lines for tortoise.

At present, the index is trading down by 1.2% at 2,400 levels.

From the index, Dish TV and Zee Entertainment are the top losers while Inox Leisure and PVR are trading 2% higher.

For more detailed updates, check the latest NIFTY Media stock results and see the latest NIFTY Media long term chart.

I'll share more on his trend on my Telegram group. If you're interested in being part of my charting journey as I share how to create wealth from profitable trade setups, join my telegram channel - Fast Profits Daily.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such.

Brijesh Bhatia

Brijesh Bhatia Research Analyst and expert chartist, is the editor of Alpha Wave Profits. Fully committed to his craft, Brijesh has mastered the art of making money by trading using technical analysis. Brijesh has an MBA from ICFAI and 16 years of experience in India's financial markets. He began his career on Dalal Street as commodities dealer and it wasn't long before he developed his own unique trading system. Brijesh worked on his trading system until it could be expected to deliver 5 units of return for every unit of risk.

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