EquityPandit’s Outlook for NIFTY REALTY for the week  (April 03, 2017 – April 07, 2017) :

NIFTY REALTY:

Nifty REALTY index closed the week on positive note gaining around 0.80%.

As we have mentioned last week that resistance for the index lies in the zone of 216 to 218 where the index has formed a top in the month of August-2016 and September-2016. If the index manages to close above these levels for couple of days then the index will break out after One and half year. The index can move to the levels of 235 where long term Fibonacci level is lying. During the week the index manages to hit a high of 217.50 and close the week around the levels of 215.

Minor support for the index lies in the zone of 212 to 213. Support for the index lies in the zone of 207 to 208 from where the index broke out. If the index manages to close below these levels then the index can drift to the levels of 199 to 200 from where the index broke out of February-2017 highs..

Resistance for the index lies in the zone of 216 to 218 where the index has formed a top in the month of August-2016 and September-2016. If the index manages to close above these levels for couple of days then the index will break out after One and half year. The index can move to the levels of 235 where long term Fibonacci level is lying.

Broad range for the index is seen between 208 to 210 on downside & 220 to 222 on upside.