Nifty Realty Index Got out of a 10-year consolidation in July 2021 at 370. It reached a high of 560 in November 2021.
In form of improvement in indian stock market, Realty Index is down 35% in the last 7 months.
There is a question on everyone’s mind, should you buy dip,
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The charts show that the index is currently in the demand zone.
The 10-year consolidation breakout was tested again at 370, giving investors a chance to accumulate the best stocks.
The black parallel lines on the weekly chart above indicate that a demand zone of 350-370 with 50% Fibonacci retracement level from 160 low to 560 high is placed at 360.
The relative strength index (RSI) in the lower panel is approaching a buying level as the price remains in a strong support area.
Technically, retesting the breakout provides an excellent low risk – high reward trade setup.
Investors should take advantage of this opportunity in realty stocks.
These are the Nifty Realty Index components one should keep an eye on:
Brigade Enterprises
DLF
Om Godrej Properties
Indiabulls RE
Macrotech Developers
Oberoi Realty
Prestige Estates
Shobha Developers
Suntec Realty
Phoenix Mills
Nifty Realty index closed at 384, up 3.6% today.
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Disclaimer: This article is for informational purposes only. This is not a stock recommendation and should not be treated as such.
This article is syndicated from equitymaster.com