The Nifty Realty index outperformed the benchmark indices Sensex and Nifty on Thursday, surging as much as 2.30 per cent to 240.80.
Here's a look at how the index and select realty stocks look on technical charts -
Nifty Realty index: The recent formations on the daily chart shows consolidation in the range of 243 – 230 levels. The overall trend suggests positive bias as the index trades in a rising trend. The upper falling trend line indicates resistance at 241.50 levels on the closing basis. A strong close above the same, may further strengthen the upside rally equipped with follow-up buying, chart suggests.
The 50-day moving average (DMA) converged with 100-day moving average (DMA) yesterday, which highlights more positive sentiment for the index. The 50-DMA is currently placed at 233.45 level and 100-DMA is at 232.50 levels.
The top gainers in the Nifty Index are:
Oberoi Realty: The stock on the weekly scale is placed well above the 200-weekly moving averages (WMA), located at Rs 352. It looks strong enough to conquer the 200-DMA decisively, which is placed at Rs 467, on the daily chart. On the other side, the 100-DMA is acting as support for the immediate trend is placed at Rs 505 levels. Overall, the current trend remains in consolidation within these two averages, i.e. 100-DMA and 200-DMA. The breakout or breakdown will determine the next trend for the stock, chart suggests.
Godrej Properties: The stock has risen sharply from the levels of Rs 500 to the current levels of Rs 740. It has seen a robust jump of 48 per cent in three months with significant volume addition. At current levels, the stock looks attractive, considering the support provided by 200-DMA at Rs 690 and 100-DMA at Rs 639 level as per the chart.
Brigade Enterprises: The stock is trading 2 per cent higher at Rs 215.45 against its previous close of Rs 210.95. The weekly chart shows possible formation of 'Inverse Head and shoulder' bearing neckline around Rs 225 – Rs 227. Sustainability around these levels will determine the breakout.