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Investors with a short-term perspective can buy the stock of NIIT at current levels. The stock gained 5.8 per cent with an above average volume on Tuesday, breaching its short-term downtrend-line resistance decisively. Moreover, the key support at around ₹90 had cushioned the stock last week and the stock has reversed direction from this base triggered by positive divergence in daily price rate of change indicator.
Over the last two sessions, the stock has gained 10.7 per cent backed with good volume. The stock currently tests a key resistance at ₹100 as well as its 200-day moving average with a positive bias. Both the daily and weekly relative strength indices are charting upwards in the neutral region, backing the up-move. Further, the daily price rate of change indicator has entered the positive territory implying buying interest.
The short-term outlook is bullish for the stock. It can conclusively break above the current resistance and hit the price targets of ₹105.5 and ₹107.5 in the upcoming trading sessions. Traders can buy the stock with a stop-loss at ₹99.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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