DLF, Oberoi Realty zoom up to 70% so far in 2023; will the rally last?

Charts suggest that the bias for the realty stocks is likely to remain favourable as long as they hold these key support levels.

The Realty index has been a strong outperformer so far this calendar year on the back of strong housing demand, and call for work-from-office. The recent pause in rate hikes by the RBI and expectations of downturn in rate cycle in 2024 has also aided the sentiment.

The NSE Nifty Realty index is trading at a life-time high, and has soared 49 per cent so far this year. Among individual stocks, Prestige Estates (71 per cent), DLF (60 per cent), Lodha (50 per cent), Oberoi Realty (43 per cent) and Phoenix (41 per cent) were some of the major movers. Meanwhile,