Comments
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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.