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...
Almost all the sectors have recovered post march downfall but nifty realty yet to recover.
This sector started reacting from a very strong buying zone, some of the stockes like Prestige, Sobha, DLF started showing upmove. keep an eye on realty stocks for good returns in coming days.
Below are the realty stocks with their weightage-
Godrej Properties Ltd....
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...