EquityPandit’s Outlook for NIFTY REALTY for the week (February 27, 2017 – March 03, 2017) :

NIFTY REALTY:

Nifty REALTY index closed the week on positive note gaining around 2.80%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 196.30 and close the week around the levels of 194.50.

Minor support for the index lies in the zone of 190 to 192. 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.

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 186 to 188 on downside & 200 to 202 on upside.