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How to trade Oberoi Realty, Godrej Properties and Brigade Enterprises

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.

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