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The stock of KPIT Technologies, which is in a long-term uptrend, started moving in a sideways trend between ₹300 and ₹370 since August last year. But it broke out of the range in early November. Since then, it has been appreciating although there was some slowdown in December, wherein it faced a minor price correction.
Last week, the scrip closed above ₹600, opening the door for further strengthening. Notably, ₹594 is a strong support and until the stock remains above this level, the near-term bias will be positive. On Thursday, it rallied on the back of strong volumes and hit a fresh all-time high of ₹652. Given that the overall trend is bullish, the price is likely to rally to ₹670 within few trading sessions. It could even touch ₹700.
So, traders looking for short-term opportunities can consider buying this stock. Supporting the bullish bias, the RSI and the MACD on the daily chart lies in their respective bullish territory. Considering the above factors, traders can buy the stock with stop-loss at ₹610 and liquidate at ₹670.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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