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Nifty Realty Weekly Outlook and Analysis:
For the Week: Sept 28,2020 – Oct 01,2020)
NIFTY REALTY Index closed the week on negative note losing 17.35 points 7.65%.
Weekly High: 228
Weekly Low: 203.30
Weekly Close: 209.40
Weekly Support & Resistance For Nifty Index:
| RESISTANCE 2 | 238 |
| RESISTANCE 1 | 223 |
| SUPPORT 1 | 199 |
| SUPPORT 2 | 188 |
NIFTY REALTY index has witnessed lower low lower highs bearish trading pattern. Index again close below its 200 day ema. Index likely continue its downward journey, momentum indicator also trending southward.
Technically on the daily charts we see minor support on the downside for NIFTY REALTY index lies at 200 levels, whereas minor resistance on the upside is capped around 216-218 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 193 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 225.
Currently NIFTY REALTY index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 195 on downside and 223 on upside.
