Nifty Realty Weekly Outlook and Analysis:
For the Week: (May 10, 2021 – May 14, 2021)
NIFTY REALTY Index closed the week on a negative note losing 1.95 points 0.63%.
Weekly High: 312.40
Weekly Low: 302.30
Weekly Close: 307.65
Weekly Support & Resistance For Nifty Index:
NIFTY REALTY index opened a tad lower and extended losses in the early part of the week. Index recouped partial losses in the later half of the week tracking recovery in the broader market. We expect the index likely to continue its corrective action until the broader market continues its range trading activity going forward.
Technically on the daily charts, we see minor support on the downside for the NIFTY REALTY index lies at 302 levels, whereas mi-nor resistance on the upside is capped around 310-312 levels.
If the NIFTY REALTY index breaches minor support on the downside and closes below it, we may see a fresh break down and the index can drag towards major support on the lower side around 295 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 320.
Currently, the NIFTY REALTY index is trading above 200 days exponential moving average and suggests the long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 297 on the downside and 317 on the upside.