NIFTY REALTY on 20th Oct gave the long-awaited triangle breakout followed by a quick attempt to break the resistance at 239-240 levels. This was rejected and then it fell into a channel consolidation (descending) since 22nd Oct.
Possible breakout/down confirmation levels
Breakout - 237.15
Breakdown - 233.9 (Aggressive), 232 (Conservative)
Just a Beginner trying...
Only enter if the sector and the stock, both is giving a clear trend. The recent news will be a major reason for the upcoming moves in DLF.
So watch all realty stocks.
This is not a recommendation. This is for educational purpose only.
DLF has overcame its supply zone near 165-170 levels yesterday with good volume coming in.
There was a gap during massive selloff in march between the same levels, which has been filled yesterday as well.
Realty sector was the only sector lagging behind and now upmove expected in the sector as well as this scrip as well.
It is been observed on the daily chart that the price action breaks out and closes below the crucial support levels of 4.75 indicating sellers dominance and control over price action at current levels. It indicates further bearishness in upcoming trading sessions and the prices shall further move down to next support levels at 4-3.80 levels.
Target 1: 4.1