For the Week: (Dec 28,2020 – Jan 01,2021)
NIFTY REALTY Index closed the week on negative note losing 4.55 points 1.50%.
Weekly High: 306.25
Weekly Low: 281
Weekly Close: 299.25
Weekly Support & Resistance For Nifty Index:
NIFTY REALTY index opened flat and dragged in early part of the week. Index recovered from its rising trend line support tracking broader indices and ended with muted losses. We expect index could witness side ways corrective action going forward. Momentum indicator also trending down. However, index could resume uptrend if broader market remain bullish.
Technically on the daily charts we see minor support on the downside for NIFTY REALTY index lies at 290 levels, whereas minor resistance on the upside is capped around 308-310 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 282 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 320.
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 285 on downside and 315 on upside.