NIIT has completed the Flat pattern ABC. The recent up move seems to be in a consolidation phase. Once the consolidation to the downside is finished, the next move could continue to be up wards and it will most likely make a higher high. I wont suggest buying yet nor shorting it either but I would definitely like to wait patiently till the consolidation is done...
Cup & Handle Pattern being formed on daily chart of NIIT Tech, currently trading around support line, if breaks & sustain below support line of 1060 then we can expect sustained down trend for coming weeks, once it confirms of breakdown below 1060 then one can expect it to fall another 10-15% in 2-3 weeks and 30-35% over the next few months, Must trail sl at 100...
From Jan 2016 till Aug 2016, the price action is in a correction phase. Now it has formed a Bullish AB=CD Pattern which also represents a zig zag pattern as per the Elliott Waves Principles. This indicates a short term bullish trend reversal with targets as below
Target 1 (0.236) - 432
Target 2 (0.382) - 461
Target 3 (0.618) - 610