Nifty Realty Weekly Outlook and Analysis:
For the Week: (June 14,2021 – June 18,2021)
NIFTY REALTY Index closed the week on positive note gaining 4.05 points 1.14%.
Weekly High: 364.80
Weekly Low: 348.20
Weekly Close: 357.85
Weekly Support & Resistance For Nifty Realty Index:
NIFTY REALTY index opened flat and dragged in early part of the week despite broader gain. However, index witnessed buying from support zone in later half of the week and ended with muted gain. We expect index likely to face profit booking or sideways corrective action as momentum indicator showing divergence on charts.
Technically on the daily charts we see minor support on the downside for NIFTY REALTY index lies at 349 levels, whereas minor resistance on the upside is capped around 365-367 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 340 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 375.
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 343 on downside and 373 on upside.