NIIT is showing confirmation of Bearish Bat Pattern
Technical chart of NIIT Limited
AB leg retrace 50% of XA leg
BC leg retrace between more than 88.6% of AB leg
CD leg seems to retrace up to 88.6% of XA leg
CD leg can also be an extension of between 1.618% – 2.618% of AB leg
Resistance at 78... Break and sustain above 78 will take it to 88.00---92.00 and then to 105+ mark.
Support and stop loss at 71.50
Technical Indicators - RSI and MACD showing positive momentum also NIIT trading above 21 DEMA which is at 75.00.
As per Elliot analysis... Stock seems to be in the 3rd wave which has upside minimum projection level of 161% (105 levels.)
Recommendation
Buy NIIT Limited above 78.00 on closing basis with stop loss below 71.50 for the upside target of 88---92 and then to 105.00
More will update soon!!
