Derivative Strategy on NIIT Tech by HDFC Securities

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Derivative Strategy on NIIT Tech by Devarsh Vakil & Vinay Rajani - PCG Desk, HDFC Securities:




Stop loss: Rs 18


Target: Rs 42



Rationale: We have seen long positions being built in NIIT TECH futures on 1st March, where we have seen rise of 13% in open interest with price rise of 4%.


Stock price has surpassed multiple top resistance of 855 and closed above it, indicating end of short term consolidation.


Higher tops and higher bottoms on the short term and long term charts, indicating bullish trend


Momentum indicators and oscillators have been trading bullish on the charts


Disclaimer: The analyst may have positions in any or all the stocks mentioned above.