Buy and Hold NIIT Technology for 4-5 weeks between 177-180, target- 195, stop loss 170.0

NIIt Technology Ltd. Has started correcting from mid May 2010 and taken support at 165 mark. The 20 day exponential moving average closed at 177.9 and 50 day exponential moving average closed at 179.2. The stock has closed on Thursday at Rs. 179.0 above its 20 and 50 day exponential moving average which strengthens our case for a buy on this stock. RSI is at 50.9 which reflects bullishness in this stock. We recommend a buy on this stock between Rs. 177 and 180 with a target of Rs. 195 over the next 4-5 weeks. Stop loss can be put at Rs. 170

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