Nifty Realty Index

Nifty Realty Index. As on 24 Feb 2021. CMP 351. Posted at 1:45 pm.

The Realty index has hit resistance at the 360 level.  Since mid Jan 2021, we have changed stance from bullish to neutral.

A weekly or monthly close above 400 would likely call for a continuation of the rally.  But until then, a decline is more likely than a rally.

Rounded Bottom formation on Monthly chart.  If price is breaking out from the rounded bottom, a close above 400 is required.  This would enable a clear field ahead to continue the rally.  A decline may be the path of least resistance in the short to intermediate term.


Elliott wave count : The triangle has been a working hypothesis for a long time.  But do remember it is a hypothesis.  A rally above 375 would likely cause the triangle to be discarded, and the wave structure would need to be re-evaluated.