Buzzing stock of realty sector!
Nifty Realty gained 0.85 per cent during Thursday’s trading session and the stock that emerged as the best performer is Oberoi Realty as it jumped 2.5 per cent.
Nifty Realty gained 0.85 per cent during Thursday’s trading session and the stock that emerged as the best performer is Oberoi Realty as it jumped 2.5 per cent.
The stock has delivered 9.11 per cent on an MTD basis and 8.73 per cent on a YTD basis. The Indian real estate sector is witnessing a healthy increase in demand due to lower interest rates. Despite the pandemic, the sector has continued to show resilience and steady growth.
The stock has witnessed a pattern breakout, which resembles an inverted Head & Shoulders pattern on the daily chart. Also, there is a descending trendline resistance near the level of 960-970.
On the daily chart, it is trading above its 20, 50, and 200-DMA moving averages, which indicates that there is strength in the stock. The MACD line is trading above its signal line and zero line, which indicates a positive trend in the stock. Moreover, the MACD histogram is rising steadily and is above its prior high. In addition to this, the MACD is above the zero line since March 11, 2022. The 14-period RSI has marked a fresh 14-period high as it’s above the 56-mark.
Considering the above-mentioned facts, we believe that this stock should be on your watchlist!