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Nifty Realty Weekly Outlook and Analysis:
For the Week: (Jan 25,2021 – Jan 29,2021)
NIFTY REALTY Index closed the week on negative note losing 10.85 points 3.28%.
Weekly High: 341.85
Weekly Low: 316.90
Weekly Close: 320.40
Weekly Support & Resistance For Nifty Index:
| RESISTANCE 2 | 351 |
| RESISTANCE 1 | 335 |
| SUPPORT 1 | 310 |
| SUPPORT 2 | 301 |
NIFTY REALTY index opened flat and dragged in opening session of the week. Index recouped losses and made swing highs in mid week. Though index succumbed at fag end of the week tracking broader weakness. We expect index likely to witness profit booking going forward.
Technically on the daily charts we see minor support on the downside for NIFTY REALTY index lies at 310 levels, whereas minor resistance on the upside is capped around 330-332 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 300 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 342.
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 303 on downside and 338 on upside.
