Including today's gains, the Nifty Realty index has surged 7 per cent this week as against 0.3 per cent fall in the benchmark indices
While the Nifty Realty index is expected to pullback in the near-term, the Nifty Auto index seems to be trapped in a consolidation range, says Ravi Nathani, an independent technical analyst.
The Nifty Pharma Index is currently trading at a CMP of 12,976.80. The index is expected to undergo a consolidation phase with a negative bias
The NSE Nifty Realty Index has gained 36% since a March-low as cooling inflation allowed the Reserve Bank of India to keep rates on hold
Motilal Oswal continues to see re-rating potential in companies, which would provide further growth visibility on the back of strong business development through robust cash flows.
Sell the Nifty Pharma index and its constituents and book profits, as the index has been underperforming in recent days
Stocks to watch on May 22, 2023: The Rs 2,000 note withdrawal could have an impact ont the real-estate companies, believe Indian CEOs.
When Nifty Realty index hits a new 52-week high, the next positive rally shall aim at setting a new all-time high
By booking profits and staying away from the market, investors can avoid potential losses and capitalise on future price fluctuations that may occur, said the technical analyst
Index moved in 4% band, against three-year average of 8%
The Nifty Realty Index could face stiff resistance in the range of 445 to 457 levels.
If Nifty realty index succeeds to break through its 200-DMA, technically the bullish push may trigger further upside in realty stocks.
The pause, even if temporary, in the interest rate cycle is a positive development for the real estate sector and should see an increase in home-buying
This move would provide further boost to the affordable and mid-income housing segments, analysts said
The short-term bias for Nifty Midcap 50 index is likely to remain negative as long as the index remains below 8,786.
The technical analyst also expects a pullback in the Nifty Pharma index.
The technical analyst also advices to avoid media stocks for now, as the Nifty Media index could side to 1,631 level.
Realty index may slip up to 7 per cent if stays beneath 400 level
Among the realty pack, Indiabulls Real Estate trades in a bear grip, while Brigade and Phoenix Mills may see an upside of 14 per cent.
Real estate and automobiles, which were showing signs of a nascent recovery, will bear the brunt of higher interest rates