Charts show these 4 realty stocks may rally 17% in 3 weeks; realty index beats Nifty 50 in Oct so far

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October 22, 2020 11:49 AM

Nifty Realty index has outperformed the benchmark Nifty 50 index so far in October 2020. The Nifty Realty index jumped nearly 10 per cent while the Nifty 50 managed to gain 4.5 per cent

dlf, oberoi realty, godrej properties, nifty 50Data available on the bourses showed that Rakesh Jhunjhunwala’s Rare Enterprises bought stocks of Indiabulls Real Estate at Rs 57.73 per share through a bulk deal.

Nifty Realty index has outperformed the benchmark Nifty 50 index so far in October 2020. The Nifty Realty index jumped nearly 10 per cent while the Nifty 50 managed to gain 4.5 per cent. According to the Motilal Oswal Financial Services, Nifty Realty index gave a breakout on the daily chart and is now showing tremendous strength for the last couple of sessions. Overall chart structure is also positive as it is making Higher Tops Higher Bottoms on weekly charts. Considering the current chart structure of Nifty Realty index and its components, the brokerage firm expects a positive momentum in the index towards 243 and then 255 levels. While downside support can be seen around 225 and then 217 levels. Based on its sectoral report, Motilal Oswal sees a bullish trend in four realty stocks, with an upside of nearly  17% in two to three weeks.

DLF (BUY) 

DLF stock gave a breakout from the Triangle pattern on the daily chart and sustained well above the same. According to Motilal Oswal, the stock is holding well above 50 DEMA and 200 DEMA. The RSI oscillator also gave a breakout on a daily scale and thus strength in the counter. Considering overall chart structure, Motilal Oswal Financial Services advises traders to buy the stock for an up move towards 190 with stop-loss of 155, an upside of 10.36 per cent from previous close.

Godrej Properties (BUY) 

Godrej Properties stock gave a breakout from its consolidation phase on the daily chart. The breakout is supported by healthy volumes and noticeable long build-up. The brokerage firm said that Godrej Properties is sustaining well above 50 DEMA and 200 DEMA. The RSI oscillator also gave a Trendline breakout on daily scale and thus strength in the counter. Motilal Oswal has advised traders to buy the stock for an up move towards 1100 with stop-loss of 925. This implies an upside of 5.6 per cent.

Oberoi Realty (BUY) 

Oberoi Realty is moving in an uptrend by maintaining Higher Highs Higher Lows on daily chart. It gave a Trendline breakout on daily chart and sustaining well above the same. The breakout was supported by good volumes, which further validates the breakout criteria. Moving averages are placed positively along with breakout in RSI oscillator, which certainly bodes well for the bulls. Looking at the current chart structure, the brokerage firm expects the stock to move towards 550 levels. Thus, traders can buy the stock with a stop-loss of 435. It will take Oberoi Realty t0 jump 16.67 per cent to hit the target price.

Brigade Enterprises (BUY) 

Brigade Enterprises stock took support around the Horizontal Line on the daily chart and started showing strength. It witnessed Golden crossover of 50 DEMA and 200 DEMA, which is a good sign for the stock. RSI is also giving a Trendline breakout on daily scale, indicating strength in the counter. Motilal Oswal said that looking at the current price structure, it expects the stock to move towards 205 levels. Traders can buy the stock with stop-loss of 160. Motilal Oswal sees an upside of 12.7 per cent from previous close.

(The stock recommendations in this story are by the respective research and brokerage firm. Financial Express Online does not bear any responsibility for their investment advice. Please consult your investment advisor before investing.)

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