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Realty Index - Building a Higher Base

Apr 21, 2022

I released a video in the second week of March stating why I'm bullish on real estate stocks and if it's time to buy them.

Well, the Nifty realty index has rallied over 20% since I recorded the video. You can watch the video here if you haven't already: Time to Buy Real Estate Stocks.

The realty index has retraced again to 442 levels. This retracement is 38.20% Fibonacci level of the recent rally from 389 to 482.

 

The bullish reversal candlestick pattern "Bullish Harami Cross" is visible right at the support of the Fibonacci retracement.

Additionally, the long-term moving average of 200 DEMA is placed at 443, which acts as support zone for the bulls.

The reversal candlestick pattern at the long-term moving average and the Fibonacci retracement strengthens the higher base on the chart.

The momentum indicator Stochastic is supporting the bulls as the positive crossover signals a bullish opportunity.

At present, the index is trading up by 0.8% at 453 levels.

From the index, DLF and Sunteck Realty are the top gainers while Prestige Estates and Phoenix Mills are trading 1% lower.

For more detailed updates, check the latest NIFTY Realty stock results and see the latest NIFTY Realty long term chart.

I'll share more on his trend on my Telegram group. If you're interested in being part of my charting journey as I share how to create wealth from profitable trade setups, join my telegram channel - Fast Profits Daily.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...

Brijesh Bhatia

Brijesh Bhatia Research Analyst and expert chartist, is the editor of Alpha Wave Profits. Fully committed to his craft, Brijesh has mastered the art of making money by trading using technical analysis. Brijesh has an MBA from ICFAI and 16 years of experience in India's financial markets. He began his career on Dalal Street as commodities dealer and it wasn't long before he developed his own unique trading system. Brijesh worked on his trading system until it could be expected to deliver 5 units of return for every unit of risk.

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