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On Monday, the S&P BSE Realty index was in the spotlight as it surged 6 per cent to close at 2,256. Among the realty stocks that witnessed strong gains in the session were Unitech (16.8 per cent), DB Realty (14.8 per cent), Sobha Developers (9.8 per cent) and Prestige Estates (6.4 per cent). Investors with a short-term perspective can buy the DB Realty stock. With this rally, the stock has broken out of a flag pattern and decisively breached a key long-term resistance at ₹90.
The stock is trading well above its 21- and 50-day moving averages. Both daily and weekly relative strength indices are featuring in the bullish zone, implying strength in the current uptrend. Likewise, the daily and weekly moving average convergence divergence indicators are trending higher in line with the stock price and are hovering in the positive territory. It can continue its uptrend and reach the price target of ₹104.5 and then ₹106.5 in the coming trading sessions. Buy the stock with a stop-loss at ₹98.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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