1) Double bottom with negative divergence on a downtrend
2) sector has been negatively impacted due to rera for last 1 year
3) News - DSP MF buying Oberoi, Sunteck and Prestige in last few months
4) Risk - Home interest likely to be volatile due to currency and oil prices
Double bottom formed in reality sector.
W pattern or double bottom formed exactly near 0.5% retracement level
Same bottom formed in 2 times..
Very bullish sign. we can go long with same keeping same low as stop loss i.e 251.
Risk reward ratio is awesome here
Reality Index can Bounce Back from here.
Strong Bullish Weekly Closing at 200 EMA
Weekly Trendline Support && 200 EMA Support
Breakout and Pullback toward the Confluence Zone
One can take a positive View on Reality Stocks with Strict Stoploss. Reality stocks have corrected a lot and Risk and Reward seems Favourable to enter longs.
Just a little more pain left maybe a day or 2 before the sector rebounds?
If the RSI breaks down again though plenty of its top players could be in for a further major beating then.
Most of its top players are at critical support. Sobha, Godrej, Indiabulls Real Estate.. #watchlist
Should be able to play this sector either way within a couple days for sure...
in monthly, round bottom pattern forming here, neckline comes around 600-610 level, after successful breakout 1000 is the pattern tgt.
so 1st tgt - 600, 2nd tgt - 1000, long term tgt - 1800.
so whole sector can be a 4/5 baggar in the next 8-10 years.
When all indices's showing weakness there is one hope for all those who want to find ray of light.
Nifty REALITY at new highs keep close watch and find new avenue of investment and money multiplier for next 1or2 yr coming from here.
CNXREALTY-271 -facing resistance around 290 which is very near to 38.2% retracement of of entire down move of 534 to 124 (from 2011 to 2016)
now it can come down to 242 -240 where one can initiate buying in realty stocks like ,in the works case it can break 240 and then move toward 220 so buy partial quantity around 240