The Real Estate Sector is Emerging from the Dust

Published: Thu, 09/23/21

23-SEP-2021

It may have gone unnoticed but many days in the last few weeks the major gaining sector index was the Realty index. I noted it many times in my midday video updates to Insiders. The last 2 days now has everyones attention so I am sharing some of the stock updates from the sector that we published recently. Yes I like to give it away once in a while but that is how we get everyone educated and interested.

Now that might not be the only theme running in the bull market. You can get some insight from these ET articles with me that were published.

Mid- & small-caps regain mojo, catch-up rally likely to continue

Stock indices post fourth week of gains despite retreating from new peaks

Also bookmark the latest articles page on Indiacharts

https://indiacharts.com/latest-articles

Rohit Srivastava

The Truth About the Markets

Today's Updates

DLF

The stock has seen a deep retracement from the high point wherein it retraced slightly more than 66% of its previous impulse move. As per the wave counts, the stock is in wave 3. Within wave 3, the stock has completed wave II as the daily momentum indicator has turned bullish. Wave III of 3 should now unfold and that can possibly push the stock higher to 391 where wave I and III will be equal. In the near term, the 20DMA, which is currently pegged at 326, will be a hurdle on the way. Once the stock closes above the 20DMA, the bulls are likely to take charge. On the way down, the swing low 303 will be a crucial support level to watch out for.

Godrej Properties

The only realty stock in Value wave. I should have done it the first time itself as it is wave 3 long-term. Better late than never. the move has pushed the weekly momentum indicator into buy mode again. Now wave 3 long term has subdivided into initial waves 1-2-1-2 as shown. 5 more waves up are pending before we can complete an impulse. The top end of the channel on this chart is at 2800.

Piramal Ent

The chart structure of PEL suggests that wave 5 of (III) can extend as wave 1 and 3 are equal. So the possibility of an extension within wave 5 shall remain intact as long as it doesn't close below the 40DEMA. In this case, if wave iii of wave 5 extends then PEL can possibly rise higher towards 3214 where wave i and iii will be equal. An alternate count is that the higher degree wave (III) is complete and currently the stock is in wave (IV). The case of an alternate scenario will get strong if the stock closes below the 40DEMA, which is currently pegged at 2586. However, given that, the stock has bounced back from the 40DEMA and the daily lower Bollinger band with bullish crossover in the daily momentum indicator, the odds are in favor of extension in wave 5.

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Rohit Srivastava
www.indiacharts.com
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