NIIT Limited (NIITLTD) Stock - Complete Technical Analysis - Sep 02, 2024

NIIT Limited Stock Analysis: Bullish Momentum

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) Technical Analysis

NIIT Limited is currently trading at 167, reflecting a notable movement in its technical indicators. The stock shows a strong upward momentum with several key indicators pointing to bullish trends.

Support and Resistance Levels:

Immediate Support: 122.73 (Classic Pivot S1)

Intermediate Support: 77.37 (Classic Pivot S2)

Immediate Resistance: 198.23 (Classic Pivot R1)

Intermediate Resistance: 228.37 (Classic Pivot R2)

Technical Indicators:

RSI (Relative Strength Index): The RSI is high, indicating that the stock might be overbought.

MACD (Moving Average Convergence Divergence): The MACD level suggests strong bullish momentum.

ADX (Average Directional Index): With a high ADX, the stock is in a strong trend phase.

Stochastic Oscillator: Both the Stochastic %K and Stochastic RSI are showing bullish signals, suggesting the momentum could continue.

Moving Averages:

Exponential Moving Averages (EMA): The stock is above key EMAs, such as the 10-day and 20-day, indicating a bullish trend.

Simple Moving Averages (SMA): The stock is also above the 10-day and 20-day SMAs, supporting the bullish outlook.

Ichimoku Base Line: The stock is trading above the Ichimoku Base Line, reinforcing the uptrend.

Pivot Points:

Classic Pivot Point: 152.87

Camarilla Pivot Point: 152.87

Fibonacci Pivot Point: 152.87

Woodie Pivot Point: 157.35

Chart Patterns:

Inside Candle Pattern: Observed on 30-Aug-2024, where the stock traded between 158.72 and 173.45 for 2 days. This pattern may indicate a consolidation phase, possibly leading to a breakout.

Other Indicators:

Volume Weighted Moving Average (VWMA): The stock is trading below the VWMA, suggesting a potential correction or consolidation period.

Hull Moving Average: The stock is above the Hull Moving Average, which typically signals a bullish trend.

Conclusion: NIIT Limited is currently in a bullish phase with strong technical indicators supporting an uptrend. However, with high RSI and Stochastic readings, caution is advised as the stock may be approaching overbought levels.