Published on 10/07/2017 3:58:45 PM | Source: GEPLCapital Ltd
NIFTY REALTY holds strong Bullish momentum - GEPL
* NIFTY REALTY is the best performing sectors amongst all the indices last week. It showed a massive up move of 6.07%, as against an up move of 1.52% in benchmark NIFTY 50.
* The Sector is in Bullish Trend in all time frames, with the formation of Higher Top Higher Bottom sequences in Daily, Weekly as well as Monthly, as can be seen in the chart.
* Last week, the Sector made a 52 week high @ 280.20 and also breached the medium term resistance of 275 on closing basis with a volume confirmation.
* If it sustains at higher levels which indicates Fresh up-move may be possible in coming future.
* We have seen that the medium term 13 (255) & 34 (229) exponential moving averages have remained positively aligned since last 5 months on weekly charts; which is an add on cause for current Bullish momentum to sustain.
* The support level is placed at 260 – 240 levels whereas the resistance zone is placed at 300 - 325.
Positive: DLF, GODREJPROP, HDIL, OBEROIRLTY, SOBHA, IBREALEST.
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