EquityPandit’s Outlook for NIFTY REALTY for the week  (Aug 20, 2018 – Aug 24, 2018) : 

NIFTY REALTY:

Nifty REALTY index closed the week on positive note gaining around 1.40%.

As we have mentioned last week, that minor support for the index lies in the zone of 266 to 267. 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. During the week the index manages to hit a low of 268 and close the week around the levels of 276.

Minor support for the index lies in the zone of 268 to 270. 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 260 to 265 on downside & 285 to 290 on upside.