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We recommend a buy in the stock of NIIT Technologies from a short-term perspective. The stock is moving in a wide band between Rs 240 and Rs 300 since October 2012. After testing the floor of this band, the stock is currently moving higher. NIIT Technologies also broke out of an ascending triangle formation that was formed from the first week of August. This pattern gives us the minimum target of Rs 286.
The stock cleared its 50 as well as the 200-day moving averages on Wednesday. The relative strength index in the daily chart is featuring at 64 implying that the short-term trend continues to be up for the stock. The rate of change oscillator is also signalling a buy.
Investors with a short term trading view can buy the stock with stop loss at Rs 262. Targets for the stock are Rs 275 and Rs 283.
( Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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