Breakout in NIITTech
NIITTECH is a leading global IT solution base company. NITTECH is also a part of F&O segment and falls under the brackets of a Mid-Cap company. NIITTECH serving client in Travel and transport, Banking and Financial Servicing, Insurance and Manufacturing. It also focuses on digital services and application development & maintenance. Technically, NIITTECH has given a good breakout as stock prices that rises with good volume support indicate genuine buying . From the very beginning of this month, the stock had been trading in limited range but now it has give proper breakout with very good volume support. Following Confirmations can be observed on the daily chart of NIITECH
- Close above previous month high and also above R1 (resistance) level.
- The stock price is trading above all major EMAs such as EMA 20,50,100 and also above the Super-Trend.
- MACD line is also above Signal line and MACD is above 0 level.
- Positive Conformation in ADX.
- EMA20 about to cross EMA100.
- Today’s volume is more than 3 time than previous day volume
From the aforementioned confirmations, stock looks good for positional buying with initial target of Rs.550 and if give close above this level with good volume support than next target is Rs. 565-570. A strong support is being observed near the levels of Rs.506, which can be used as a stop loss. The 52 week high level for NIITTECH is at Rs.601 which is far from current levels. On weekly charts also, NIITTECH has given strong candle. If one wants to find this kind of Breakout with Volume and other indicator confirmation, one can easily do that with the help of Query Builder offered by Traderguide.in