Dinesh Rohira
5nance.com
NIIT Technologies remained on uptrend trajectory during last week after trading on a rangebound level for over one month. It made a correction from price-band of Rs 1,272-1,193 levels towards a low of Rs 1,043 before initiating the current upward trend.
It managed to breakout from its 100-days level placed at Rs 1,170 levels coupled with strong volume growth which indicates that the buying sentiment is active at the current level.
The momentum indicator outlined a positive trend at current level with weekly RSI at 55 levels and is gradually moving upward, while MACD is likely to witnessed bullish crossover in the coming session to trade above its signal-line. We have a buy recommendation for NIIT Technologies which is currently trading at Rs. 1238.25.
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