Nifty Realty Outlook for the Week (Nov 09,2020 – Nov 13,2020)


For the Week: (Nov 09,2020 – Nov 13,2020)

NIFTYREALTY
NIFTY REALTY Index closed the week on negative note losing 6.90 points 2.93%.

Weekly High: 235.90

Weekly Low: 221.30

Weekly Close: 228.20

Weekly Support & Resistance For Nifty Realty Index:

RESISTANCE 2 243
RESISTANCE 1 235
SUPPORT 1 221
SUPPORT 2 214

NIFTY REALTY index has witnessed profit booking after it formed double top pattern on daily charts. However, it took support of its 200 day ema and rebounded at fag end of the week. We expect index likely to follow the trend of broader indices.

Technically on the daily charts we see minor support on the downside for NIFTY REALTY index lies at 220 levels, whereas minor resistance on the upside is capped around 235-237 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 214 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 245.

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 217 on downside and 240 on upside.