EquityPandit’s Outlook for NIFTY REALTY for the week  (Mar 05, 2019 – Mar 08, 2019) : 

NIFTY REALTY:

Nifty REALTY index closed the week on negative note losing around 1.30%.

As we have mentioned last week, that resistance for the index lies in the zone of 233 to 236 from where the index has broken down after consolidation 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 240 to 245 where Fibonacci levels and long term moving averages are lying. During the week the index manages to hit a high of 240 and close the week around the levels of 230.

Minor support for the index lies in the zone of 225 to 227. Support for the index lies in the zone of 220 to 223 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 233 to 236 from where the index has broken down after consolidation 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 240 to 245 where Fibonacci levels and long term moving averages are lying.

Broad range for the index is seen between 215 to 220 on downside & 240 to 245 on upside.