Nifty Realty Weekly Outlook and Analysis:
For the Week: (April 12,2021 – April 16,2021)
NIFTY REALTY Index closed the week on negative note losing 3.75 points 1.12%.
Weekly High: 336.95
Weekly Low: 319.60
Weekly Close: 332.05
Weekly Support & Resistance For Nifty Realty Index:
NIFTY REALTY index opened gap down and dragged in opening session of the week. Index took rebound from its support zone and made fresh week’s high in mid week. However, index witness profit booking tracking broader weakness at fag end of the week. We expect index likely to continue its sideways corrective action going forward.
Technically on the daily charts we see minor support on the downside for NIFTY REALTY index lies at 322 levels, whereas minor resistance on the upside is capped around 340-342 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 312 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 350.
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 315 on downside and 345 on upside.