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Nifty Realty Weekly Outlook and Analysis:
For the Week: (Sept 07,2020 – Sept 11,2020)
NIFTY REALTY Index closed the week on negative note losing 13.05 points 5.56%.
Weekly High: 237.60
Weekly Low: 217.20
Weekly Close: 220.05
Weekly Support & Resistance For Nifty Index:
| RESISTANCE 2 | 245 |
| RESISTANCE 1 | 233 |
| SUPPORT 1 | 212 |
| SUPPORT 2 | 204 |
NIFTY REALTY index has unable to sustain above its 200 day EMA on daily charts. Index formed bearish engulfing candle pattern on weekly charts, which suggest further profit booking amid weakness in broader indices.
Technically on the daily charts we see minor support on the downside for NIFTY REALTY index lies at 214 levels, whereas minor resistance on the upside is capped around 226-228 levels.
If NIFTY REALTY index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 204 and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 240.
Currently NIFTY REALTY index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 207 on downside and 235 on upside.
