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Nifty Realty Weekly Outlook and Analysis:
For the Week: (Aug 10,2020 – Aug 14,2020)
NIFTY REALTY Index closed the week on positive note gaining 2.95 points 1.47%.
Weekly High: 206.75
Weekly Low: 197.70
Weekly Close: 203.95
Weekly Support & Resistance Levels for Nifty Realty Index:
| RESISTANCE 2 | 211 |
| RESISTANCE 1 | 208 |
| SUPPORT 1 | 199 |
| SUPPORT 2 | 194 |
NIFTY REALTY index trading in parallel channel on daily charts. Index expected to trade in said range. However, index will likely to witness profit booking as it form dark cloud cover candle pattern on daily charts.
Technically on the daily charts we see minor support on the downside for NIFTY REALTY index lies at 200 levels, whereas minor resistance on the upside is capped around 208-210 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 195 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 215.
Currently NIFTY REALTY index is trading above 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 199 on downside and 211 on upside.
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