Short-term investors can buy the stock of NIIT at current levels. The stock had been on a medium-term downtrend after encountering a key resistance at ₹119 in January. This fall halted at a low of ₹84. However, after finding support at ₹85 last week, the stock changed direction, triggered by positive divergence in the daily moving average convergence divergence indicator. Since then, the stock has been in a near-term uptrend.
While trending up, the stock has decisively breached its 50- as well as 200-day moving averages.
On Monday, the stock gained almost 5 per cent backed by strong volume, breaching a vital resistance at ₹100.
The short-term outlook is bullish for the stock. It can continue to trend upwards and hit the price targets of ₹109 and ₹111 in the coming trading sessions. Traders can buy with stop-loss at ₹102.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.