Nifty Realty Weekly Outlook and Analysis:
For the Week: (May 3,2021 – May 7,2021)
NIFTY REALTY Index closed the week on positive note gaining 7.80 points 2.58%.
Weekly High: 316.35
Weekly Low: 304.20
Weekly Close: 309.60
Weekly Support & Resistance For Nifty Index:
NIFTY REALTY index opened gap up and rallied in early part of the week tracking broader gain. Index witnessed profit booking in later half of the week and pared partial gain. We expect index likely to continue its corrective action going forward.
Technically on the daily charts we see minor support on the downside for NIFTY REALTY index lies at 303 levels, whereas mi-nor resistance on the upside is capped around 314-316 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 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 323.
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 297 on downside and 320 on upside.