Technical Analysis

KPIT Technologies (₹228.7)

Yoganand D BL Research Bureau | Updated on March 14, 2018 Published on March 14, 2018

 Investors with a short-term horizon can buy the stock of KPIT Technologies at current levels. Since taking support at ₹105 in August 2017, the stock has been on an intermediate-term uptrend, forming higher peaks and higher troughs. The medium-term trend is also up for the stock.

Following a sideways movement, the stock broke through a significant long-term resistance at ₹220 on Wednesday, by gaining 4.3 per cent, with above average volume. With this rally, the short-term trend is up for the stock.

KPIT trades well above its 21- and 50-DMAs. The daily relative strength index has entered the bullish zone from the neutral region, while the weekly RSI continues to feature in the bullish zone. Both the daily and weekly price rate of change indicators feature in the positive territory, implying buying interest.

The short-term outlook is bullish for KPIT Technologies. The stock can extend its uptrend and hit the price targets of ₹238 and ₹243 levels in the forthcoming trading sessions. Traders with a short-term view can buy the stock with a stop-loss at ₹224.

(Note: The recommendation is based on technical analysis. There is a risk of loss in trading.)

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