EquityPandit’s Outlook for NIFTY REALTY for the week  (May 08, 2017 – May 12, 2017) :

NIFTY REALTY:

Nifty REALTY index closed the week on positive note gaining around 1.60%.

As we have mentioned last week that resistance for the index lies in the zone of 258 to 260. If the index manages to close above these levels then the index can move to the levels of 268 to 270. During the week the index manages to hit a high of 262 and close the week around the levels of 255.

Minor support for the index lies in the zone of 248 to 250. Support for the index lies in the zone of 235 to 237 where Fibonacci level is lying. If the index manages to close below these levels then the index can drift to the levels of around 216 to 220 from where the index broke out of August-2016 and September-2016 highs.

Resistance for the index lies in the zone of 258 to 260. If the index manages to close above these levels then the index can move to the levels of 268 to 270.

Broad range for the index is seen between 240 to 242 on downside & 262 to 265 on upside.