EquityPandit’s Outlook for NIFTY REALTY for the week (February 20, 2017 – February 24, 2017) :

NIFTY REALTY:

Nifty REALTY index closed the week on negative note losing around 3.50%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 184 and close the week around the levels of 189.

Support for the index lies in the zone of 183 to 185 from where the index broke out from the January-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 175 to 177 from where the index broke out and short term moving averages are lying.

Minor resistance for the index lies in the zone of 191 to 193. Resistance for the index lies in the 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 181 to 183 on downside & 195 to 197 on upside.