DLF, Oberoi Realty: Rally in real estate stocks has more legs, charts show

The Nifty Realty index can rally towards 525-level.

NIFTY REALTY INDEX

Likely target:  525

Upside potential:   6.50%

The overall weekly and daily structure indicates a negative trend considering the “Head and Shoulder” formation, however, as long as the index defends the recent reversal with a low of 442, the momentum may shift towards a positive side. The following supports at 480 and 460 levels need to be closely watched. The upward bias may see a rally in the direction of 525 levels. CLICK HERE FOR THE CHART

 

DLF Ltd (DLF)

Likely target:  Rs 445

Upside potential:   8.50%

The shares of DLF Ltd must stay above the resilient mark of Rs 400 to embark a new bullish trend, according to the daily chart. A consecutive close above the resistance mark may see an upside towards Rs 445, which is the next resistance level. The Moving Average Convergence Divergence (MACD) is making efforts to cross the zero line and if it succeeds, the upward momentum may see an exaggerated up move.  CLICK HERE FOR THE CHART

 

Sobha Ltd (SOBHA)

Likely target:  Rs 900 and Rs 950

Upside potential:   4% to 9.50%

As long as the shares of Sobha Ltd uphold the support of 100-day moving average (DMA), currently placed at Rs 804 levels, the positive bias is here to see an aggravated sentiment. The immediate resistance is positioned at the Rs 900 levels and once that gets conquered, the stock is likely to hit Rs 950 levels.  CLICK HERE FOR THE CHART

Indiabulls Real Estate (IBREALEST)

Likely target:  Rs 180

Upside potential:   8%

After witnessing a sideways consolidation near the support of 100-DMA, the stock managed to cross the resistance range of Rs 163 to Rs 160 levels. This breakout suggests a positive upside towards the Rs 180 levels, its next hurdle mark. The 100-DMA support stands at Rs 158.50 levels.  CLICK HERE FOR THE CHART

 

Oberoi Realty Ltd (OBEROIRLTY)

Likely target:  Rs 1050

Upside potential:   12%

The shares of Oberoi reality broke out of the Inverse Head and Shoulder at Rs 900 levels, which is coincides with the resistance at 50-DMA. This robust breakout is hinting for a rally in the direction of Rs 1,050 levels from a short to medium term perspective. The MACD crossed the zero line exhibiting its support for the bullish bias, the momentum seems to favour the bulls, according to the daily chart. CLICK HERE FOR THE CHART