Nifty Realty Weekly Outlook and Analysis:

For the Week: (Aug 24,2020 – Aug 28,2020)

NIFTY REALTY Index closed the week on positive note gaining 16.95 points 8.18%.

Weekly High: 225.50

Weekly Low: 207.55

Weekly Close: 224.05

Weekly Support & Resistance For Nifty Index:

NIFTY REALTY index has given breakout of parallel channel on daily charts. We expect index likely to witness strong buying if it close above its 200 day exponential moving average.

Technically on the daily charts we see minor support on the downside for NIFTY REALTY index lies at 219 levels, whereas minor resistance on the upside is capped around 229-231 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 210 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 240.

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 212 on downside and 238 on upside.