In my last post, I had written about the beginning of the uptrend in NIIT @ 41 rupees. I had also written about the desirability of monitoring the progress of the stock uptrend through use of Bollinger Bands on weekly charts.
After the announcement of the Skill India programme by the prime minister and also setting of target of training 10 million people by NIIT management, the stock price doubled in a matter of 3 weeks. Thereafter, in August the stock paused for consolidation. But a noteworthy thing has been that even during consolidation NIIT managed to stay above its long term support line
I have now posted the Niit wekly chart with Bollinger bands. It appears that the consolidation of the stock on monthly and weekly charts is now over. In the month of Sept 2015, the rally in NIIT may resume taking the stock higher towards 90…100…
Meanwhile, the purchase of NIIT by some well known value investors and its continued recommendation by Porinju Veliyath has been an icing on the cake for those invested in NIIT LTD.
As long as NIIT ltd stays above the long term support line, it is in an uptrend..in bullish zone. Any price correction in Sept 2015 should be used as an opportunity to buy more of NIIT LTD, as the Skill India Program of Modi govt has a long way to go and NIIT LTD can be the biggest beneficiary of that programme.
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