Buying In Realty Stocks: Godrej Properties Close To 52-Week High

The headline indices in trade after previous day's volatile session are largely mixed, with Nifty gaining and Sensex almost flat in the session. Notably, broader indices continued to see weakness, while Nifty Bank has been also down by close to 0.9 percent.

In a mixed market mood, while auto and banking names have been dragged, there is some recovery in metal pack after a previous close to 7 percent fall in the previous session. The major gains seem to be coming from the realty index to the tune of over 2.31 percent at the time of writing this report.

The notable gainers from the pack which gained between 1 to 6 percent have been Brigade, Phoenix, Godrej, Indiabulls Real Estate and Presige. In fact Godrej Properties is trading close to its 52 week high price of Rs. 1758.60 per share.

The realty sector is rejoicing the 10-year breakout seen after a long sustenance of the consolidation phase. Some of the expert recommendations from the space, given the probable future upside have been quality realty counters including Oberoi Realty,Sobha, Godrej Properties, Sunteck, Prestige Estates Projects, Brigade Enterprises, etc.

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."

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