Nifty Media eyes BIG breakout: Den, Network18 up 9% today; what lies ahead?

Nifty Media index seen testing the 200-DMA hurdle after December 2024; that apart the index eyes breakout on the weekly scale as well. Here's a technical outlook on the index and 3 key media stocks.

The Nifty Media index has surged over 27 per cent in the last four months and is now seen testing the 200-Day Moving Average (200-DMA) resistance on the daily chart since the breakdown in mid-December 2024. The Nifty Media 200-DMA stands at 1,764.  That apart, the Media index is also attempting a significant breakout on the weekly scale as it tests hurdle at the super trend line. A weekly close above 1,745 shall confirm the breakout.  On Wednesday thus far, the Nifty Media index was 1.8 per cent. Among media shares - Network18 zoomed 10 per cent, Hathway