While global markets are enjoying their holiday on the first day of last week of May, Indian markets are cheering after the announcement of taking oath for the highest rank chair of the country by would be Prime Minister Narendra Modi. Nifty 50 had a flat to positive opening in today’s session, started rising, holding its intraday gains an expected to witness more upside after breaking the psychological resistance of 12,000 levels. While all indices are trading in green, Realty stocks have been talk of the town as the Street is expecting a lot of goodies in coming budget and more amendments in related act to boost the housing sector in coming years. Nifty Realty is trading at 286.15, 2.16% above from its previous close. On daily scale, the counter has given a breakout of its previous resistance that was placed at 285 levels and forming an ‘AB=CD’ harmonic pattern whose reliability is very high. The counter is expected to find resistance near ‘D’ point that is placed at 308.38 levels. The index is trading above 50 days Exponential Moving Average. Stochastic oscillator is hinting for more upside while RSI is trading at 73.53 levels and showing no signs of divergence. Although Stochastic oscillator and RSI are not the only indicators to dictate the future prices, one can make use of other tools like Fibonacci, Andrew Pitchfork, Chart and Harmonic Patterns.
Some stocks of this counter are also witnessing heavy volumes and momentum that are convincing the emerging trend.
- Prestige Estate Projects: Top gainer in today’s session is trading at 280, 6.21% above from its previous close. The stock is trading above 30 days Exponential Moving Average. There has been a block deal of 812,915 shares on April 05, 2019.
- Sobha Ltd.: The stock is trading at 545, 2.60% above from its previous close. The stock is trading above 50 days Exponential Moving Average. There has been a block deal of 121,170 shares on April 12, 2019.
- DLF Ltd.: Stock with highest free-float market capitalization in realty sector has gained 2.92% in today’s session. There has been a block deal of 439,822 shares on May 22, 2019. The Board of Directors have targeted 10% rise in sales bookings at Rs. 2,700 crores in FY20.