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KPIT Technologies is a good buy for investors who wish to take a short-term trading position. The stock has been on an intermediate-term uptrend since it took support at Rs 94 in April. Since then it has been forming higher peaks and troughs. Short-term trend is also up for the stock. Following a brief sideways movement, the stock made a strong breakthrough of its key resistance at Rs 151 on Monday.
It jumped 5 per cent accompanied by good volume on the day. Further, the stock is hovering well above its 21- and 50-day moving averages. The relative strength index on the daily chart has emerged into the bullish zone from the neutral region implying upward momentum. The weekly RSI is featuring in the bullish zone backing the uptrend. The intermediate-term up trend-line is intact. Short-term forecast for the stock is bullish.
The stock can accelerate its uptrend and reach the price target of Rs 162.5 or Rs 165.5 in the ensuing trading sessions. Traders can buy the stock with a stop-loss at Rs 152.5.
( Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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