EquityPandit’s Outlook for NIFTY REALTY for the week  (Aug 14, 2017 – Aug 18, 2017) :

NIFTY REALTY:

Nifty REALTY index closed the week on negative note losing around 9.20%.

As we have mentioned last week, that minor support for the index lies in the zone of 278 to 279. Support for the index lies in the zone of 275 to 277 from where the index broke out of May-2017 and June-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 266 to 268 where break out levels for the index and short term moving averages are lying. During the week the index manages to hit a low of 250 and close the week around the levels of 255.

Minor support for the index lies in the zone of 248 to 250. Support for the index lies in the zone of 240 to 242 where the index has taken support in the month of May-2017. If the index manages to close below these levels then the index can drift to the levels of 218 to 220 where long term Fibonacci levels and 200 daily moving averages are lying.

Resistance for the index lies in the zone of 258 to 260 from where the index has broken down from the June-2017 lows and medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 272 to 274 from where the index broke down after consolidation and short term moving averages are lying.

Broad range for the index is seen between 240 to 242 on downside & 270 to 272 on upside.