EquityPandit’s Outlook for NIFTY REALTY for the week (February 13, 2017 – February 17, 2017) :

NIFTY REALTY:

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

As we have mentioned last week that resistance for the index lies in the zone of 194 to 195 where the index has broken down from double bottom pattern and also gap has been created on gap down opening on 09-11-2016. If the index manages to close above these levels then the index can move to the levels of 205 to 210 from where the index sold off in the month of November-2016. During the week the index manages to hit a high of 197.85 and close the week around the levels of 196.

Minor support for the index lies in the zone of 192 to 193. Support for the index lies in the zone of 188 to 190 where 200 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 183 to 185 from where the index broke out from the January-2017 highs.

The index has closed around the resistance zone of 195 to 196 where the index has broken down from double bottom pattern and also gap has been created on gap down opening on 09-11-2016. If the index manages to close above these levels then the index can move to the levels of 205 to 210 from where the index sold off in the month of November-2016.

Broad range for the index is seen between 188 to 190 on downside to 203 to 205 on upside.