Nifty Realty becomes the worst-performing sectoral index on Monday!

Amidst the sell-off, the sector that was pulled down was the realty index. Nifty Realty, after a decent run-up in the last few weeks, came under severe selling pressure and slipped nearly 6 per cent! After Monday’s fall, the RSI has entered the bearish territory on the daily timeframe. To add further, the MACD has given a bearish crossover near the zero line. The technical indicators hint towards bearishness as the index shows no signs of recovery.   

All the constituents of the index felt the heat as they fell about 5-6 per cent each on an average. The top dragger was Sobha Limited, which fell over 8 per cent on Monday.  

With this, the index is seen approaching its 200-DMA, which is about 6 per cent from here on. Considering such a sell-off, it is expected that the index will remain under pressure for a few more days and 200-DMA is likely to act as a crucial support level for the index.