EquityPandit’s Outlook for NIFTY REALTY for the week (Mar 25, 2019 – Mar 29, 2019) :
NIFTY REALTY Index closed the week on positive note gaining +15.15 Points (+6.02%).
Weekly High: 271.60
Weekly Low: 250.75
Weekly Close: 266.95
As we predicted last week that index closed above 200 days EMA and index may see rally on the upside, Also we mentioned that index may face resistance around 270 -280 levels, nifty realty index traded exactly same as mentioned. Technically on the daily charts we see minor support on the downside for index lies at 245- 250 levels, whereas minor resistance on the upside is capped around 280- 285 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 index towards major support on lower side around 200- 190 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 290- 300
Currently Nifty REALTY index is trading above 200 days exponential moving average suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 290- 300 on upside and 200- 190 on downside.