Nifty Realty Weekly Outlook and Analysis:
For the Week: (April 05,2021 – April 09,2021)
NIFTY REALTY Index closed the week on positive note gaining 7.20 points 2.19%.
Weekly High: 336.50
Weekly Low: 323.10
Weekly Close: 335.80
Weekly Support & Resistance For Nifty Realty Index:
NIFTY REALTY index opened tad higher and ended in red despite broader gain in opening session of the week. However, index witnessed buying in later half of the week tracking broader strength and ended on positive note. We expect index could continue its short covering rally if broader market remain resilient.
Technically on the daily charts we see minor support on the downside for NIFTY REALTY index lies at 327 levels, whereas minor resistance on the upside is capped around 343-345 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 318 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 355.
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 320 on downside and 350 on upside.