DLF, Sunteck Realty: Stay cautious; realty index violates key support level

Realty index may slip up to 7 per cent if stays beneath 400 level

Despite negating previous support range of 409 to 406, the Nifty realty index was receiving accumulation close to 400 levels in the recent sessions. But, on Tuesday, the index slipped under 400 even when benchmark indices, BSE Sensex and Nifty 50 gained close to a per cent. 

Regrettably, there is now no major support except the last reversal mark which registered a new 52-week low at 365.75.

Barring Brigade Enterprises, every other realty stocks like DLF, Godrej Properties, Indiabulls Real Estate and Sobha trade beneath the key indicator of the 200-day moving average (DMA).The investor community wisely decide not to