Stocks

KPIT Technologies

Yoganand D BL Research Bureau | Updated on December 19, 2020

Investors with a medium term perspective can buy the stock of KPIT Technologies at current levels, going by what the charts foretell. Since March low of ₹34.4, the stock has been on an intermediate-term uptrend. After accelerating in September, the stock encountered a resistance at ₹130 and witnessed a corrective decline, until it found support at ₹90 in late October.

Subsequently, the stock resumed the uptrend and has been on a short-term uptrend since then. Testing resistance at around ₹113 for almost two weeks, the stock breached it by gaining 7 per cent, accompanied by extraordinary volume on Friday. This rally has strengthened both the short- as well as the intermediate-term uptrend for the stock. The weekly relative strength index continues to feature in the bullish zone, backing the uptrend. Overall, the short and the intermediate-term uptrends are intact and the stock has potential to move upwards.

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Published on December 19, 2020
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