What should traders do with this midcap realty stock that witnessed technical breakout?

On YTD basis, the stock has soared nearly 10 per cent and has outperformed the broader market.

The realty stocks have seen fresh buying interest during Wednesday’s trading session (November 30) after a quiet period recently. Meanwhile, this midcap realty stock has witnessed strong buying interest from the institutions as it jumped over 4 per cent during the initial hours. It is among the leading players of the industry, working in the construction of residential, corporate and social projects. We are talking about Oberoi Realty.   

Technically, the stock of Oberoi Realty has registered a triangle pattern breakout with rising volumes. With Wednesday’s strong price volume breakout, the stock has crossed above all its key moving averages. After decent correction followed by long period of consolidation, the stock has witnessed a strong buying interest, which is considered very positive over the medium term. The 14-day RSI (60.44) has entered the bullish territory and shows strong strength. The MACD has indicated a bullish crossover. Overall, the stock has become technically strong and is expected to show a good bullish run.   

On YTD basis, the stock has soared nearly 10 per cent and has outperformed the broader market. Currently, the OBEROIRLTY share price is trading at 940 level on NSE. Traders should keep a close watch over this stock for upcoming trading sessions!