According to Ravi Nathani, an independent technical analyst, the Nifty Pharma index needs to clear hurdle at 14,150; whereas, the Realty index may show signs of correction by the month-end.
Sell the Nifty Pharma index and its constituents and book profits, as the index has been underperforming in recent days
Meanwhile, charts suggest that Nifty Realty and Media indices are experiencing a phase of consolidation says Ravi Nathani, an independent technical analyst.
According to Ravi Nathani, an independent technical analyst, one should look to book profits in Nifty Realty either at current levels or on rally.
With a decline in interest rate, sustained affordability and gradual price hikes, the analysts expect industry growth to be back on track.
If Nifty realty index succeeds to break through its 200-DMA, technically the bullish push may trigger further upside in realty stocks.
The pause, even if temporary, in the interest rate cycle is a positive development for the real estate sector and should see an increase in home-buying
Media reports suggested that stamp duty may be increased by 1% in Maharashtra along with a hike in ready reckoner rates.
The technical analyst expects the Nifty auto index to shortly see a rebound, while the metal index could underperform
According to the technical analyst, charts suggest bullish trend for Nifty Pharma, Nifty Realty, and Nifty Media indices
Traders must adopt a bullish stance on the market as the Nifty 50 index closed above 17,870, indicating that bulls are likely to be stronger than bears in the near-term, says Ravi Nathani
According to the technical analyst, the Nifty Realty, Pharma and Media index and its constituents can be accumulated once the corrective move is over.
As per the technical analyst, the best trading strategy for traders would be to buy Nifty IT either at the current market price or at dips, with a target of 31,500
CLOSING BELL: The central bank increased repo rate by 35 basis points and lowered GDP growth forecast for FY23 to 6.8 per cent as it remained cautious of a sticky core inflation amid global turmoil
Target prices suggest further upside for the stock
Realty stocks are showing strong upside momentum
Pick-up in demand and supportive measures from the government have aided in revival of sentiments for the sector.
At 12:26 pm, the Nifty Realty index was up 2.9 per cent as compared to a 0.38 per cent rise in the Nifty 50 index.
Realty stocks are trading mixed at the bourses on Thursday. While Unitech, HDIL, NBCC and DLF lost ground, Indiabulls Real Esate, Brigade Enterprises, Ansal Properties and Oberoi Realty gained ground
The real estate sector has been struggling for the last three years and has not revived since demonetisation and the introduction of good and services tax (GST).