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Investors with a short-term view can buy the stock of NIIT at current levels. The stock emphatically breached a key long-term resistance placed at ₹90, by gaining 6 per cent with an above average volume on Tuesday. This breakout strengthens the stock's medium-term uptrend that has been in place since it took support at ₹72 in late March this year. After a short-term sideways consolidation below the key resistance level of ₹90, the stock eventually resumed it up move. The stock trades well above its 50 and 200-day moving averages.
Both the daily and weekly price rate of change indicators have entered the bullish zone from the neutral region. This strengthens the stock's bullish momentum. Moreover, buying interest is visible as the daily and weekly price rate of change indicators feature in the positive territory. Medium-term uptrend is intact. A strong break above the long-term hurdle of ₹90 coupled with the indicators showing bullish momentum leaves the short-term outlook also bullish. The stock can move higher and reach the price targets of ₹96.5 and ₹98.5. Buy it with a stop-loss at ₹90.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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