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HDIL, Oberoi Realty, DLF: Three realty stocks looking good on the charts

Nifty Realty above 100-WMA after 6 months. Has the downward trend reversed?

Avdhut Bagkar  |  Mumbai 

HDIL, Oberoi Realty, DLF: Three realty stocks looking good on the charts

INDEX: After slipping below the crucial 100-weighted moving average (WMA) recently, the index has made a sharp rebound. The consolidation in the range between Rs 215 – Rs 200 in the oversold region has helped it to regain the momentum, technical chart suggests. The current formation on the chart indicates possible "Upward Broadening Triangle Pattern", which suggests volatility in the stocks as swings in trend remain uncertain.

Nifty Realty index

index

OBEROI REALTY: The stock has given a trendline breakout on weekly time frame with a strong support of 200- week moving average (WMA) located at Rs 350. The Rs 481 level seems to have broken trendline resistance of Rs 450 on the upside. The stock is trading near the resistance level of Rs 485 - Rs 490 (near 200-DMA), which if crossed, may head towards Rs 530 and further to Rs 550, chart suggests. Immediate support of 100-DMA and 50-DMA falls at Rs 440 and Rs 420, respectively.

DLF: The clear resistance of 100-DMA located at Rs 183 suggests selling pressure. The recent support levels of Rs 160 - Rs 163 have been the resistance for the earlier reversal of the stock, as per the chart. The stock reversed in recent past finding 50-DMA (Rs 175 - Rs 173) as pressure levels, which it conquered with decent volumes. The current level of Rs 178 indicates the stock is in effort to conquer Rs 183 on closing basis. If broken out upward, then stock may head to Rs 193 and Rs 198 levels.

HDIL: The stock has formed Inverse Head and Shoulder pattern on the daily chart and the neckline coincides with 100-DMA located in the range between Rs 23.45 - Rs 23.25. The stock has crossed the range, however, it failed to show follow-up buying. If the stock manages to cross its recent high of Rs 24.80, then it could head towards Rs 28, its 200-DMA and further to Rs 35, its next level of selling pressure, as per the chart.

First Published: Fri, December 14 2018. 11:31 IST
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