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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.)
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