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Now on the daily time frame charts, Godrej Properties prices have taken a U-turn, showing early signs of reversal. Traders can look to buy for a near term target of Rs 1,710. The stop-loss can be placed at Rs 1,574.
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On long-term charts, PI Industries is moving in a rational uptrend. In the recent correction, the stock formed a double bottom at Rs 2,350 and gave a breakout with rising volumes.
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Conflation of several factors such as improving sales, market share gains and rising real estate prices augurs well for listed real estate developers.
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Torrent Power rose 2.61 percent to close at Rs 516.40, ABB Power Products gained 4.76 percent at Rs 2,410.35, and Godrej Properties was up 3.37 percent at Rs 2,309.5. Here's what Gaurav Sharma of Globe Capital Markets recommends:
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The momentum in real estate stocks is expected to continue in the long run as the sector comes out of a period of consolidation, said analysts who advised buying quality realty stocks on every dip.
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ONGC gained 5.21 percent to close at Rs 135.20, Godrej Properties closed 4.78 percent higher at Rs 1,723.65 and PVR rose 5.95 percent to end at Rs 1,508.50 on September 21
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The market is expected to remain volatile as the September series expiry draws near but the bias should remain in favour of bulls in the upcoming sessions, says said Shitij Gandhi of SMC Global Securities
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On the higher side, 16,000 and 36,000 levels will act as strong hurdles in the short-term for the Nifty and the Bank Nifty, respectively.
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Investors with a higher appetite for risk should only venture in this sector given that it is cyclical and the companies do carry some amount of leverage, said an expert
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As the economy finds its feet again, stocks that were affected the most such as those in contact intensive sectors such as hospitality, tourism and entertainment will get back in favour
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In the last five months, especially after cut in stamp duty, real estate sector was the star performer with the Nifty Realty index shot up 56 percent against 26 percent gains reported by Nifty50.
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Nifty closed at a 3-week low at 11,671 on October 29 and the breakdown of the 50-day average at 11,540 would accelerate the second round of profit-booking, pushing the index lower to 11,200.
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A decisive move above 11,600 in the coming sessions will once again bring back the bullish momentum into the markets.
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Even management commentary gave the market a confident outlook to withstand businesses against the COVID spread and its impact.
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Nifty Midcap and Nifty Smallcap indices have outperformed gaining 3.1 percent and 4.3 percent, respectively, while Nifty has gained 1.2 percent in the week to date.
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We would advise to buy Bank Nifty on some dips towards 21,300 for targets of 21,750-21,800.
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The actual weakness would start only if Nifty sustains below 10,870, till then, one should continue with a stock-specific positive bias.
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Nifty is up 9 percent, while mid-cap and small-cap indices are up 4 and 6 percent, respectively, from the last derivatives expiry till date.
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Most experts favour quality stocks, saying once the pandemic is brought under control, these will be first to gain.
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Though the BSE realty index has fallen 47% in three months, Jefferies says only the strong will survive and make gains.
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A reduction in personal income tax will lead to higher consumption and will be positive for many sectors, especially autos and consumers, said experts.
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VK Vijaykumar of Geojit Financial Service feels the proposed AIF is better than the earlier one since this also includes projects referred to NCLT.
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Above 11800, Nifty could extend the gains towards 12000. Stock specific bullish move is expected to be there in the markets.
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According to CLSA, GDP growth in FY20 is likely to be around 6 percent, much lower lower than the RBI's 6.9 percent projection.
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Sectors with positive outlooks are real estate, small appliances and branded apparel, while outlook on autos, select staples and global commodities is more cautious.
