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Nifty Realty Weekly Outlook and Analysis:
For the Week: (Aug 03,2020 – Aug 07,2020)
NIFTY REALTY closed the week on positive note gaining 2.60 points 1.31%.
Weekly High: 201.65
Weekly Low: 194.25
Weekly Close: 201
Nifty Realty Weekly Support and Resistance Levels:
| RESISTANCE 2 | 206 |
| RESISTANCE 1 | 203 |
| SUPPORT 1 | 196 |
| SUPPORT 2 | 191 |
NIFTY REALTY index trading in parallel channel on daily charts. Index expected to trade in said range. However, muted up-move could seen in index as index recoup from lower part of the support zone.
Technically on the daily charts we see minor support on the downside for NIFTY REALTY index lies at 196 levels, whereas minor resistance on the upside is capped around 204-206 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 190 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 213.
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 193 on downside and 210 on upside.
