EquityPandit’s Outlook for NIFTY REALTY for the week (March 27, 2017 – March 31, 2017) :

NIFTY REALTY:

Nifty REALTY index closed the week on positive note gaining around 2.50%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 215 and close the week around the levels of 213.

Minor support for the index lies in the zone of 210 to 211. Support for the index lies in the zone of 205 to 207 from where the index broke out. If the index manages to close below these levels then the index can drift to the levels of 199 to 200 from where the index broke out of February-2017 highs..

Resistance for the index lies in the zone of 216 to 218 where the index has formed a top in the month of August-2016 and September-2016. If the index manages to close above these levels for couple of days then the index will break out after One and half year. The index can move to the levels of 235 where long term Fibonacci level is lying.

Broad range for the index is seen between 205 to 207 on downside & 217 to 218 on upside.