For the Week: (Oct 12,2020 – Oct 16,2020)
NIFTY REALTY Index closed the week on negative note losing 0.25 points 0.12%.
Weekly High: 222.65
Weekly Low: 215.10
Weekly Close: 215.45
Weekly Support & Resistance For Nifty Realty Index:
NIFTY REALTY index has continued its lower low lower high trading pattern. Index formed inverted hammer pattern on weekly charts which suggest pause in trend. We expect index continue remain under selling pressure till it trade below its falling trend line connecting the recent highs.
Technically on the daily charts we see minor support on the downside for NIFTY REALTY index lies at 210 levels, whereas minor resistance on the upside is capped around 220-222 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 205 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 227.
Currently NIFTY REALTY index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 208 on downside and 225 on upside.