Shitij Gandhi
After testing Rs 124 levels in the past, NIIT witnessed profit booking at higher levels and slid below its 200-days exponential moving average on the daily charts.
However, a sharp recovery has been seen in prices as the stock formed a double bottom formation at Rs 91 levels and now once again regained the momentum above its short and long-term moving averages.
Additionally, “W” shape pattern is quite visible on the charts which indicate that stock may once again retest its recent highs above Rs 120 levels to complete the formation.
Therefore, one can accumulate the stock in the range of Rs 105-107 levels for the upside target of Rs 120 levels with a stop loss below Rs 97.
Disclaimer: The author is Senior Research Analyst, SMC Global Securities Ltd. The views and investment tips expressed by investment experts on moneycontrol.com are his own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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