NIIT Tech has short-term target Rs 200-214: E Mathew

Technical Analyst, E Mathew is of the view that NIIT Technologies has short term target of Rs 200-214 where he advised to exit.

Mathew told CNBC-TV18, "This is not going to be a sustainable rally in IT as far as IT space as such is concerned but NIIT Tech seems have formed a very strong bottom in fact it’s a beginning of a good move around Rs 95-96 which we saw the bottom being hit around 24th March and the breakout pass Rs 138-139 is certainly impressive. So your stop loss is well define now, we have a stop loss at Rs 138-139."

He further added, "I would say that NIIT Technologies chart is possibly much stronger than that of even Infosys because this move looks like a sustainable move and the ultimate target for this particular move which has started on 24th March is Rs 200-214 that would be an area where a lot of profit taking is expected. So traders would do well to keep a short-term target of around Rs 200-214 and certainly exit at that particular point of time and of course your stop loss is defined as Rs 138." 

Disclosure: It is safe to assume that analyst and his clients may have an interest in the stocks/sectors discussed.