NIIT Limited (NIITLTD) Stock - Complete Technical Analysis - Sep 13, 2024

NIIT Limited Stock Analysis Key Support & Resistance Levels Is a Breakout Coming

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

NIIT Limited (NIITLTD) is currently trading at 181.08, which is 11.19% below its 52-week high of 203.9, but it's also 99.98% above its 52-week low of 90.55, showing a significant recovery. The stock is in a strong upward trend, as indicated by its ADX level, suggesting sustained momentum. The RSI is currently near overbought levels, indicating that the stock might be overextended in the short term, which could lead to a potential pullback or consolidation. However, MACD remains in bullish territory, reinforcing the positive sentiment.

From a moving average perspective, the price is well above its 200-day Exponential and Simple Moving Averages, showing strong long-term bullish momentum. Shorter-term moving averages also indicate upward pressure, which could attract more buying interest. Key support lies around the 160170 range based on recent price action and moving averages, while resistance is expected near 190-200, as it approaches previous highs. Breakout above this could push the stock higher.

Momentum and Awesome Oscillator readings confirm positive buying strength, but traders should watch for any signs of exhaustion. Chart patterns and oscillators indicate the possibility of consolidation in the near term before making another decisive move. Overall, NIITLTD appears to be in a strong position, but traders should remain cautious of a potential short-term correction due to current overbought signals.