Cup & Handle (C&S) Breakout in NIITLTDNSE:NIITLTD has given a nice C&H breakout today in daily with good volumes. If the move sustains then potential target for this breakout would be in 245/250 range.
Niit
#NIIITLTD @NIITLtd #CNXITTechnical Indicators Showing Breakout Above
Technical Breakout
Up Flag
Low Risk Moderate Return
First Target Rs . 110
Second Target Rs . 115
Third Target Rs . 120
Stop Loss Rs . 98(on closing basis)
CMP Rs . 103.2
If Crosses 120, Hold for rally and trail SL.
Looks like a nice trading opportunity is ahead Looking at the current situation one can go long on NIIT Ltd. Buyback price of 125 is a good deal from the company hope we see my both target before the buyback. Good luck
NIIT Technologies - Forming Inverted Cup & Handle patternCup & Handle Pattern being formed on daily chart of NIIT Tech, currently trading around support line, if breaks & sustain below support line of 1060 then we can expect sustained down trend for coming weeks, once it confirms of breakdown below 1060 then one can expect it to fall another 10-15% in 2-3 weeks and 30-35% over the next few months, Must trail sl at 100 Day Moving average on closing basis post breakdown.
On other side if it gives any bounce back before the breakdown then also one can go short around 1170-1190 with sl around recent high of 1240.
