NIIT likely to touch Rs 102-Rs 110 in coming weeks

NIIT Ltd is currently trading at Rs 92.80, After registering 52-weeks low stock bounced sharply from its previous support zone. On Tuesday stock managed to breakout of downward slopping trendline formed by adjoining highs from April 2018 along with high volume. On the daily time frame,stock has managed to closed above crucial long term moving average, i.e. 200-days exponential moving average.

Considering the weekly scale, The 14-period RSI is quoting around 55.19 and it is in rising mode. The weekly MACD histogram has turned positive after 24 weeks. The stock has been trading above its crucial short term moving average, i.e. 20-day exponential moving average and it is in rising mode, which is positive for stock.

The short term moving average, i.e. 20-days exponential moving average will act as a major support. On the upside, stock is likely to touch Rs 102- Rs 110 in coming weeks.