NIIT TECH LTD .......................... BUY ...................... CMP ₹ 525.50

BSE Code : 532541 Tar­get 1 ..... ₹ 560 | Tar­get 2 ..... ₹ 578 | Sto­ploss....₹510 (CLS)

Dalal Street Investment Journal - - TECHNICALS | EQUITY -

The stock of NIIT Tech is cur­rently trad­ing at ₹ 534.60. Its 52-week high/low stand at ₹ 601/

₹ 370 which were made as on July 11, 2017 and Novem­ber 9, 2016, re­spec­tively.

Con­sid­er­ing the weekly time frame, the stock has wit­nessed in­verse head & shoul­ders pat­tern in the mak­ing, which has a break­out at around 590-600 lev­els. The stock had cor­rected up to 61.8% of the prior up­ward rally and has at­tempted a bounce back since last two weeks. The bounce is sup­ported by ris­ing vol­umes and 14-pe­riod RSI pos­i­tive cross­over quot­ing at 60 on the daily time frame.

Con­sid­er­ing this, we rec­om­mend a Buy in the stock for a tar­get of ₹ 560 fol­lowed by ₹ 578 and with a stop loss of ₹ 510.

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