For the Week: (Dec 14,2020 – Dec 18,2020)
NIFTY REALTY Index closed the week on positive note gaining 9.10 points 3.21%.
Weekly High: 293.25
Weekly Low: 281.40
Weekly Close: 292.50
Weekly Support & Resistance For Nifty Index:
NIFTY REALTY index opened flat and rallied throughout the week. Index ended on strong note after gain of six consecutive weeks. We expect index likely continue its uptrend, traders are advised to buy on dip till broader indices remain bullish.
Technically on the daily charts we see minor support on the downside for NIFTY REALTY index lies at 285 levels, whereas minor resistance on the upside is capped around 299-301 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 275 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 309.
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 277 on downside and 307 on upside.