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KPIT Technologies has been in an uptrend over the last two weeks. Investors with a short-term perspective can consider buying the stock at current levels. The downtrend that was in place since the December high of ₹175 halted at a low of ₹108.45 on February 12. Reversing from the downtrend, the stock has surged about 27 per cent from this low. This recent rally has taken the stock well above its 21- and 200-day moving averages. Also, Tuesday’s 2.8 per cent rally has taken the stock decisively above the 38.2 per cent Fibonacci retracement resistance at ₹134.
The uptrend remains intact with strong supports at ₹134, ₹133 and ₹130. An immediate rise to ₹141 looks likely. Further break above ₹141 will pave the way for the next targets of ₹145 and ₹147. Traders with a short-term perspective can go long. Stop-loss can be kept at ₹132 for a target of ₹145. The outlook for the stock will turn negative only if it decisively declines below the 200-DMA at ₹125.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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