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.