EquityPandit’s Outlook for NIFTY REALTY for the week (March 06, 2017 – March 10, 2017) :

NIFTY REALTY:

Nifty REALTY index closed the week on positive note gaining around 1.90%.

As we have mentioned last week that 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 207 and close the week around the levels of 198.

Minor support for the index lies in the zone of 194 to 196. Support for the index lies in the zone of 190 to 192 where 200 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 184 to 186 where the index broke out and short term moving averages are lying.

Minor resistance for the index lies in the zone of 200 to 202. Resistance for the index lies in the zone of 208 to 212 from where the index sold off in the month of November-2016. If the index manages to close above these levels then the index can move to the levels of 216 to 218 where the index has formed a top in the month of September-2016.

Broad range for the index is seen between 190 to 192 on downside & 206 to 208 on upside.