Nifty Realty Index - Difficult times ahead????

Nifty Realty Index have broken rising trendline of 5 months. I have checked a few realty stocks also. They too don't look promising either. My tgt for the index comes at 935/25. If these levels are breached with conviction than more pain ahead with target between 865/50.

The realty market, in major cities of India, look oversupplied esp the luxury market. I feel there shall be some correction in these markets as well. The prices in metro cities also seem to be overpriced (a personal view). Also, with deposit in bank not looking promising, I feel RBI will not cut rates, as it will be contradict their concern.

On the contrary, if the index goes above 1115, the view is negated. CMP 1018

Hope for the best. Have a great trading.