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Nifty Realty Weekly Outlook and Analysis:
For the Week: (Aug 17,2020 – Aug 21,2020)
NIFTY REALTY Index closed the week on positive note gaining 3.15 points 1.54%.
Weekly High: 211.85
Weekly Low: 204.60
Weekly Close: 207.10
Weekly Support & Resistance For Nifty Index:
| RESISTANCE 2 | 215 |
| RESISTANCE 1 | 211 |
| SUPPORT 1 | 204 |
| SUPPORT 2 | 200 |
NIFTY REALTY index trading in parallel channel on daily charts. Index again witness profit booking after it resisted at upper trend line of parallel channel. We expect further selling pressure could seen in index going forward.
Technically on the daily charts we see minor support on the downside for NIFTY REALTY index lies at 204 levels, whereas minor resistance on the upside is capped around 210-212 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 197 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 200 on downside and 212 on upside.
