We recommend a buy in the stock of NIIT Technologies from a short-term trading perspective. The stock is in a long-term uptrend since December 2011. The correction since the beginning of this calendar has not dented the positive outlook for this stock. It is forming a series of rising peaks and troughs since January. The relative strength index in the daily chart is hovering around the 50 zone but is currently pointing higher. The moving average convergence divergence oscillator is also implying that the stock is currently in a consolidation phase before a break-out.
Traders can buy the stock for the short-term with the stop loss at Rs 272. It can move to Rs 290 or Rs 299 in the short-term.
(Note: This recommendation is based on technical analysis. There is a risk of loss in trading.)
Keywords: NIIT Technologies stock technicals