Nifty Media is on the cusp of a new bull run; heres why

Nifty Media is on the cusp of a new bull run; heres why

Karan Dsij
/ Categories: Trending, Mindshare

Nifty Media index emerged as the top-performing sectoral index on Thursday as it gained 2.56 per cent and moreover, all the constituents of this sector are trading in the green while the headline index is trading in the red.

After a ‘wow Wednesday’, the market participants were hoping for a ‘terrific Thursday’ for the bulls as Nifty had opened the session with a gap-up above the 17,500 mark. 

However, the initial optimism faded as profit booking emerged at higher levels. Currently, Nifty has shed more than 100 points from the day's high and is hovering around the 17,400 mark. This means that once again, Nifty has found the speed breaker around the 50 per cent retracement level of the downward move.   

Talking about the option data, Nifty has seen significant addition of open interest at the 17,500 call option of December 9 weekly expiry, which indicates that this level is going to act as an important resistance level. Nearly 37 lakh shares have been added to the open interest in today’s trading session. With this, the total open interest at the 17,500 strike stands at 90.69 lakh, which is the highest on the call side.   

Despite the fact that Nifty index witnessed a sharp decline from its day’s high, there is one sector that has gained a lot of attraction on Thursday and it is none other than Nifty Media index.  

Nifty Media index emerged as the top-performing sectoral index on Thursday as it gained 2.56 per cent and moreover, all the constituents of this sector are trading in the green while the headline index is trading in the red.   

What’s more striking is the fact that Nifty Media has logged a fresh 52-week high and witnessed a breakout of horizontal trendline. Along with this, the RSI has marked a fresh 14-period high and also, moved above the 60-mark, which validates the positive bias in the index. The MACD is above the zero line as well as the signal line. The MACD histogram suggests bullish momentum. Interestingly, Elder Impulse System (EIS) has also given a strong buy signal in the media index.   

In a nutshell, it’s action time for Nifty Media sector. Hence, watch out for the stocks from Nifty Media sector for the short to medium trading perspective.

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