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Nifty Realty Weekly Outlook and Analysis:
For the Week: (Oct 05,2020 – Oct 09,2020)
NIFTY REALTY Index closed the week on positive note gaining 6.30 points 3.00%.
Weekly High: 218.75
Weekly Low: 210.85
Weekly Close: 215.70
Weekly Support & Resistance For Nifty Index:
| RESISTANCE 2 | 223 |
| RESISTANCE 1 | 219 |
| SUPPORT 1 | 211 |
| SUPPORT 2 | 207 |
NIFTY REALTY index has witnessed short covering back of buying in broader market. Index could witness selling pressure at resistance zone of its 200 day ema.
Technically on the daily charts we see minor support on the downside for NIFTY REALTY index lies at 208 levels, whereas minor resistance on the upside is capped around 221-223 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 200 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 230.
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 205 on downside and 225 on upside.
