Todays Pick

NIIT (₹113.6)

Yoganand D | Updated on March 09, 2018 Published on September 14, 2017

The stock of NIIT jumped 6.4 per cent with extraordinary volume on Thursday, breaching a key resistance at ₹110. This rally gives investors with a short-term perspective an opportunity to buy the stock at current levels. Since taking support at ₹72 in March, the stock has been on an intermediate-term uptrend. After a corrective decline the stock took support at around ₹84 in mid-August and resumed its uptrend. Since then, the stock has been in a short-term uptrend.

While trending up, the stock emphatically breached a key long-term resistance band between 100 and 105 in early September which has strengthened the uptrend. Moreover the stock trades well above its 21- and 50-day moving averages. Both the daily and weekly relative strength indices are featuring in the bullish zone backing the stock's uptrend. Besides, the daily as well as weekly price rate of change indicators is hovering in the positive territory indicating buying interest.

Overall, the short-term forecast for the stock is bullish. It can continue to trend upwards and reach the price targets of ₹118.5 and ₹121 in the coming trading sessions. Buy the stock with a stop-loss at ₹111.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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