EquityPandit’s Outlook for NIFTY REALTY for the week  (April 17, 2017 – April 21, 2017) :

NIFTY REALTY:

Nifty REALTY index closed the week on positive note gaining around 1.50%.

As we have mentioned last week that minor support for the index lies in the zone of 220 to 222. Support for the index lies in the zone of 216 to 218 from where the index has broken out of the top formed in the month of August-2016 and September-2016. If the index manages to close below these levels then the index can drift to the levels of 211 to 213 from where the index has broken out after consolidation. During the week the index manages to hit a low of 222 and close the week around the levels of 228.

Minor support for the index lies in the zone of 222 to 224. Support for the index lies in the zone of 216 to 218 from where the index has broken out of the top formed in the month of August-2016 and September-2016. If the index manages to close below these levels then the index can drift to the levels of 211 to 213 from where the index has broken out after consolidation.

Resistance for the index lies in the zone of 229 to 231. If the index manages to close above these levels then the index can move to the levels of 235 where long term Fibonacci level is lying.

Broad range for the index is seen between 220 to 222 on downside & 232 to 235 on upside.