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Investors with a short-term perspective can consider buying the stock of NIIT at current levels. After recording a 52-week high at ₹65 in early June, the stock witnessed a corrective short-term downtrend which came to a halt at a significant long-term support at ₹40 in mid-August. It subsequently reversed higher from the support level of ₹40 and it appears now that its intermediate-term uptrend that has been in place from the August 2013 low of ₹15 has resumed.
Further, the stock surged 6 per cent with good volumes breaching the immediate resistance at ₹50 last week. It is hovering well above its 50- and 200-day moving averages. Both the daily and weekly price rate of change indicators are featuring in the positive terrain implying buying interest. The short-term outlook for NIIT is bullish. It can extend its rally and reach the price target of ₹54.5 and ₹55.5 in the coming trading sessions. Buy the stock with a stop-loss at ₹51.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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