Nifty Realty Weekly Outlook and Analysis:
For the Week: (June 05, 2021 – June 11, 2021)
NIFTY REALTY Index closed the week on positive note gaining 22.20 points 6.69%.
Weekly High: 356.80
Weekly Low: 330.75
Weekly Close: 353.80
Weekly Support & Resistance For Nifty Realty Index:
NIFTY REALTY index opened tad higher and traded choppy in early part of the week tracking broader gain. Index extended gain in later half after government approve model tenancy law in cabinet. Index has given breakout of strong resistance zone and it likely to continue this uptrend if broader market remain resilient.
Technically on the daily charts we see minor support on the downside for NIFTY REALTY index lies at 345 levels, whereas minor resistance on the upside is capped around 362-364 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 335 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 372.
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 340 on downside and 368 on upside.