DLF, Lodha: Realty stocks enter next leg of upside post hitting new peaks

Nifty Realty index to rise up to 5 per cent in the coming weeks, post delivering bullish breakout on the charts.

Nifty Realty Index has scaled a new historic peak in this week, prompting a fresh upside in the forthcoming weeks. The index had gained close to 10 per cent in the July month, and 31 per cent so far in the on-going year. 

On Wednesday, despite domestic market trading with a cut close to 1 per cent, shares of Sobha, IB Real Estate, and Prestige Estates Projects gained over 1 per cent, respectively. Oberoi Realty clinched to a new 52-high, steering a firm positive momentum in the morning session.

Here’s the technical outlook of realty stocks amid robust trend:-

NIFTY REALTY INDEX

Likely target: 600

Upside potential: 5%

Following the breakout of a “Golden Cross”, the index has scaled higher levels with “Higher High, Higher Low” formation, negating any weakness. The recent breakout of “Ascending Triangle” has fuelled more trigger on the bullish side. A closing basis support exists at 530, with price action denoting a rally to 600-level. CLICK HERE FOR THE CHART

DLF Ltd (DLF) 

Likely target: Rs 575

Upside potential: 11%

Shares of DLF are making constant efforts to breakout of the mild consolidation occurring in the range of Rs 515 to Rs 480 levels, as per the daily chart. At present, the counter is demonstrating immediate supports at Rs 500 and Rs 480, which shall continue to boost the upside bias. The price action suggests an up move in the direction of Rs 575. CLICK HERE FOR THE CHART

Godrej Properties Ltd (GODREJPROP)

Likely target: Rs 1,900

Upside potential: 10%

Godrej Properties’ trend appears highly resilient, with a recent advance that has been scaling the 52-week high in the recent past. Immediate supports exist at Rs 1,660 and Rs 1,600 levels, as per the daily chart. More importantly, the counter is not displaying any critical weakness in the overbought category, reflecting a robust underlying trend that could see moving towards Rs 1,900. CLICK HERE FOR THE CHART

Macrotech Developers Ltd (LODHA)

Likely target: Rs 825

Upside potential: 9%

Shares of Macrotech Developers are on the verge of hitting new all-time high; crossing Rs 798, its previous historic peak.  This move remains highly upward following the breakout of the “Golden Cross”, emerged on the daily chart. The breakout above the horizontal resistance of Rs 740 looks to hit Rs 825-mark. CLICK HERE FOR THE CHART

Oberoi Realty Ltd (OBEROIRLTY)

Likely target:  Rs 1,250

Upside potential:   11%

Oberoi Reality has reached a new historic peak following a breakout of the “Golden Cross”, established on the daily chart.  The immediate support comes to Rs 1,010, its 50-day simple moving average (SMA), which aims at boosting the upward weakness. The counter is heading in the direction of Rs 1,250-level. CLICK HERE FOR THE CHART