I have purchased a good quantity of the stock on close above 41.
Fundamentally- the company has revamped its management at the top level and is trying to turnaround in personal training segment. This is also apparent from the advertisements on TV. This company is the biggest brand in personal training in IT, and is positioned to benefit hugely from the Digital India project of the Indian government.
Further, the value of its holdings in NIIT technologies, provides it with a floor / support @37-38 levels.
For the present, the Bollinger bands on weekly charts are in band expansion phase. The stock is in the initial phase of its uptrend. On Weekly charts, the stock may halt for 1-2 weeks at 48-50. But usually, in such cases the uptrend continues for a few months. Therefore, it is better go hold this stock as long as trend lasts. It is better not to have any short term price targets, let the market take it as high as it wants to take it.
The uptrend is intact as long as the stock stays above 20 day SMA on weekly charts.
Therefore, our job in NIit Ltd is over for now, having got the entry price correctly. Now there is no need to monitor it on day to day basis. Just a weekend glance may be sufficient.
As long as the trend it up, its alright even if the stock stalls for 2-4 weeks. Just monitor it occasionally with help of Bollinger bands.
Those waiting on the sidelines are advised to jump on as soon as possible.
And if the uptrend collapses in the next week or two, you can still have the satisfaction of holding a good company ( market leader with huge potential) at a good price.I