EquityPandit’s Outlook for NIFTY REALTY for the week  (Feb 4, 2019 – Feb 8, 2019) : 

NIFTY REALTY:

Nifty REALTY index closed the week on positive note gaining around 0.60%.

As we have mentioned last week, that resistance for the index lies in the zone of 235 to 240 where Fibonacci levels and short & medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 250 to 255 where long term moving averages are lying. During the week the index manages to hit a high of 241 and close the week around the levels of 231.

Minor support for the index lies in the zone of 225 to 227. Support for the index lies in the zone of 215 to 220 from where the index broke out of October-2018 high and Fibonacci levels are lying. If the index manages to close below these levels then the index can witness a freefall and can drift to the levels of 195 to 200 where low for the month of October-2018 is lying.

Resistance for the index lies in the zone of 235 to 240 where Fibonacci levels and short & medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 250 to 255 where long term moving averages are lying.

Broad range for the index is seen between 215 to 220 on downside & 240 to 245 on upside.