EquityPandit’s Outlook for NIFTY REALTY for the week  (Dec 17, 2018 – Dec 21, 2018) : 

NIFTY REALTY:

Nifty REALTY index closed the week on positive note gaining around 3.00%.

As we have mentioned last week, that support for the index lies in the zone of 215 to 220 from where the index broke out of October-2018 high, Fibonacci levels and short term moving averages are lying. If the index manages to close below these levels then the index can witness a freefall and can drift to the levels of 195 to 200 where low for the month of October-2018 is lying. During the week the index manages to hit a low of 220 and close the week around the levels of 237.

Minor support for the index lies in the zone of 230 to 232. Support for the index lies in the zone of 215 to 220 from where the index broke out of October-2018 high and Fibonacci levels are lying. If the index manages to close below these levels then the index can witness a freefall and can drift to the levels of 195 to 200 where low for the month of October-2018 is lying.

Resistance for the index lies in the zone of 238 to 240 where Fibonacci levels 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 245 to 250 where Fibonacci levels are lying.

Broad range for the index is seen between 215 to 220 on downside & 245 to 250 on upside.