EquityPandit’s Outlook for NIFTY REALTY for the week  (Aug 21, 2017 – Aug 25, 2017) :

NIFTY REALTY:

Nifty REALTY index closed the week on positive note gaining around 6.40%.

As we have mentioned last week, that resistance for the index lies in the zone of 258 to 260 from where the index has broken down from the June-2017 lows and medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 272 to 274 from where the index broke down after consolidation and short term moving averages are lying. During the week the index manages to hit a high of 277 and close the week around the levels of 271.

Minor support for the index lies in the zone of 264 to 266. Support for the index lies in the zone of 258 to 260 from where medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 250 to 252 where trend-line support for the index is lying.

Resistance for the index lies in the zone of 275 to 278 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 284 to 286 from where the index has sold off.

Broad range for the index is seen between 256 to 258 on downside & 280 to 282 on upside.