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Research Technical Outlook Sector Scan: Technical Edition

Sector Scan: Technical Edition

Written by - Fisdom Research

March 20, 2024 2 minutes

Realty Sector

Top Five Nifty Realty Index Constituents

The underlying stock has achieved outstanding returns over the past year.

Stock NameMarket Cap TypeWeightageCMPHigh1Y Returns %
DLF Ltd.Large Cap28.97%823941122.5%
Macrotech Developers Ltd. (Lodha)Large Cap16.16%1,0811,277150.8%
Phoenix Mills Ltd.Mid Cap13.48%2,6332,971103.4%
Godrej Properties Ltd.Mid Cap12.05%2,1352,54194.2%
Oberoi Realty ltd.Mid Cap8.78%1,3601,58558.2%
Source: ACE Equity, Fisdom Research

Going Ahead, Nifty Realty Index could lag Nifty 50

The NIFTY/CNX REALTY INDEX ratio chart indicates an intermediate bottoming-out pattern.

  • The NIFTY/CNX REALTY INDEX ratio chart indicates an intermediate bottoming-out pattern.
  • This suggests that the Realty index will probably underperform the Benchmark index in the upcoming weeks.
  • The weekly chart shows a Bullish ABCD Harmonic Pattern, which is a reversal pattern.
  • The ratio has surpassed its Potential Reversal Zone (PRZ) levels, further supporting the reversal pattern.
  • Additionally, the momentum oscillator RSI (14) has reversed from oversold zones (20) and risen above 40 levels, indicating increasing bullish momentum.

DLF Ltd.

Bearish Signals on Weekly Chart

  • DLF’s weekly chart indicates a breakdown of a rising channel pattern, with prices trading below the lower band of the pattern.
  • The Index has formed a tall bearish belt hold candle on the weekly chart, indicating profit booking from higher levels.
  • The momentum oscillator RSI (14) has experienced a breakdown of an upward rising trend line below 65 levels, accompanied by a bearish crossover.

Macrotech Developers Ltd.

Bearish Signals Amidst Rectangle Pattern

  • LODHA on the weekly chart is confined within a rectangle pattern following a peak near 1300 levels.
  • A bearish engulfing candlestick pattern has emerged on the weekly chart, with the pattern’s high serving as immediate resistance.
  • The momentum oscillator RSI (14) has exhibited a bearish divergence close to 80 levels, subsequently declining towards 60 levels, indicating weakening momentum.

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