Nifty Realty Weekly Outlook and Analysis:
For the Week: (May 31,2021 – June 04,2021)
NIFTY REALTY Index closed the week on positive note gaining 10.95 points 3.41%.
Weekly High: 336.80
Weekly Low: 321.55
Weekly Close: 331.60
Weekly Support & Resistance For Nifty Realty Index:
NIFTY REALTY index opened tad higher and extended gain in early part of the week tracking strong broader gain. Index pared gain in later half of the week despite broader strength. Though index is in uptrend, it likely to took some breather and sideways corrective action could possible going forward.
Technically on the daily charts we see minor support on the downside for NIFTY REALTY index lies at 324 levels, whereas minor resistance on the upside is capped around 338-340 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 316 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 345.
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 320 on downside and 342 on upside.