EquityPandit’s Outlook for NIFTY REALTY for the week  (July 30, 2018 – Aug 03, 2018) : 

NIFTY REALTY:

Nifty REALTY index closed the week on positive note gaining around 4.20%.

As we have mentioned last week, that resistance for the index lies in the zone of 260 to 265 from where the index has broken down from the June-2018 lows. If the index manages to close above these levels then the index can move to the levels of 275 to 280 where trend-line resistance for the index is lying. During the week the index manages to hit a high of 270 and close the week around the levels of 268.

Support for the index lies in the zone of 260 to 263 from where the index has broken out. If the index manages to close below these levels then the index can drift to the levels of 250 to 255 where long term Fibonacci levels and low for the month of July-2018 are lying.

Resistance for the index lies in the zone of 275 to 280 where trend-line resistance for the index and high for the month of July-2018 are lying. If the index manages to close above these levels then the index can move to the levels of 288 to 290 where Fibonacci levels and medium term moving averages are lying.

Broad range for the index is seen between 255 to 260 on downside & 280 to 285 on upside.