Nifty realty index gives 10-year breakout. Experts recommend these stocks to buy1 min read . Updated: 21 Sep 2021, 11:25 AM IST
- Realty stocks are rising due to fresh breakout in the Nifty realty index after 10 years of consolidation
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Real estate stocks have been surging in Tuesday's session on the account of fresh breakout in the Nifty realty index. Shares of realty major Godrej Properties led the bull run as it rose over 6 per cent, Prestige Estates Projects share price skyrocketed near 5 per cent, Indiabulls Real Estate 2.85 per cent while Brigade Enterprises, DLF, Oberoi Realty, Sobha and Mahindra Lifespace Developers stocks added more than 1 per cent.
According to stock market experts, this breakout in Nifty realty index has come after 10 years of consolidation. They expect the realty stocks may continue to surge further and advised investors to buy quality realty stocks like Oberoi Realty, Sobha, Godrej Properties, Sunteck, Prestige Estates Projects, Brigade Enterprises, etc.
Speaking on the reason for being highly bullish on real estate stock; Santosh Meena, Head of Research at Swastika Investmart said, "Technically, the Nifty realty index is witnessing a fresh breakout after 10 years of consolidation paving way for a fresh bull run in real estate stocks. This is good news for real estate stocks as market is already bullish on the Indian realty sector as they are showing strong growth momentum on the back of low interest rates, supportive government policies, and consolidation in the industry due to RERA, and growth in the technology space."
Asked about the realty shares to buy today, Meena advised investors to stick with quality names such as Oberoi Realty, Sobha, Godrej Properties, Sunteck, Prestige, and Brigade.
Sumeet Bagadia, Executive Director at Choice Broking said, "Prestige Estates Projects and Godrej Properties shares are expected to lead this bull run in real estate stocks. One should buy these two real estate stocks for maximum gains in this uptrend momentum of real estate stocks. One can buy Prestige Estates Projects shares at current market price for ₹430 to ₹450 targets maintaining stop loss at ₹390 apiece. Investors can initiate momentum buy in Godrej Properties shares for ₹1850 to ₹1900 targets maintaining stop loss at ₹1650."
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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