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Investors with a short-term perspective can consider buying the stock of NIIT at current levels. The stock jumped 8.7 per cent on Monday, decisively breaking above an immediate resistance level as well as the intermediate-term downtrend-line. This rally was accompanied by extraordinary volumes. The key support band between ₹70 and ₹72.5 has been providing a base for the stock since November last. Taking support at this band, the stock surged 3.6 per cent last week to trigger a turnaround.
The daily relative strength index has now entered the bullish zone from the neutral region and the weekly RSI is moving higher in the neutral region. There has been an increase in daily volumes over last three trading sessions. The short-term outlook is bullish. The stock can extend its current bullish momentum and reach the price targets of ₹86 and ₹88 in the coming trading sessions. Traders can buy the stock with a stop-loss at ₹81.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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