NIIT as per daily chart pattern analysis the stock has a resistance at 436 level and once it breaks then 456 level is the target. It has support at 407 and 367 level.However one can see a fresh buying opportunity only after full correction completed.
NIIT has been trading in a parallel channel and is expected to continue the trend.
Chart is pretty self explanatory.
MACD seems bullish
RSI in perfect position after bounce from 50 level
EMA looking up
Upside movement is expected here
This is not a financial advice. Please consult your Financial advisor before taking a position.
Thank You :)
NIIT, has been a dynamic stock, which has quadrupled over the last one year. But if one sees the Forest from the trees, its seems that its merely regained the highs reached back in 2008.
I feel that it will consolidate here. Very little chances of it crossing Rs 195 and going into new unchartered territory.
RSI is high, LT channel is not giving a great rosy...
Date: 18 July 2020
NIIT Tech (CMP 1678.70)
Price movement in a channel from 4 months. Per Fibonacci retracement, the price may bounce to 2000 level. The 20 DEMA is closely touching the 200 DEMA and if it crosses the 200 DEMA then the speed of stock to go up may increase. This will be bullish sign.
Can see 20% upside in the stock in short to medium term.
There is a Less Probability of Neckline Breakdown of the Ascending Head & Shoulders of NIITTech since the company is Fundamentally strong, but you never know!
I do see more upside in this stock! For long term investors 600 could be reached within couple of years!
NIIT Tech is potentially giving a reversal after an ABC correction with in the trend channel. One can go long now or upon the break of the down trendline as shown on the chart for a target of around 500.