Nifty Realty Weekly Outlook and Analysis:

For the Week: (Feb 01,2021 – Feb 05,2021)

NIFTY REALTY Index closed the week on negative note losing 14.75 points 4.60%.

Weekly High: 329.20

Weekly Low: 301.05

Weekly Close: 305.65

Weekly Support & Resistance For Nifty Realty Index:

NIFTY REALTY index opened tad higher and dragged in opening session of the week. Index witnessed profit booking throughout the week tracking broader weakness. We expect index likely to continue profit booking until any positive trigger for the sector in upcoming union budget.

Technically on the daily charts we see minor support on the downside for NIFTY REALTY index lies at 290 levels, whereas minor resistance on the upside is capped around 315-317 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 280 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 325.

Currently NIFTY REALTY index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 282 on downside and 320 on upside.