Nifty Realty Outlook for the Week (Dec 07,2020 – Dec 11,2020)


For the Week: (Dec 07,2020 – Dec 11,2020)

NIFTYREALTY
NIFTY REALTY Index closed the week on positive note gaining 22.20 points 8.50%.

Weekly High: 284.80

Weekly Low: 262.75

Weekly Close: 283.40

Weekly Support & Resistance For Nifty Realty Index:

RESISTANCE 2 299
RESISTANCE 1 291
SUPPORT 1 269
SUPPORT 2 255

NIFTY REALTY index opened gap up and rallied throughout the week. Index has given breakout of its upper trend line of parallel channel. We expect index likely continue its uptrend till broader indices remain bullish.

Technically on the daily charts we see minor support on the downside for NIFTY REALTY index lies at 275 levels, whereas minor resistance on the upside is capped around 290-292 levels.

If NIFTY REALTY 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 260 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 305.

Currently NIFTY REALTY 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 263 on downside and 302 on upside.