Published on 19/07/2021 10:49:25 AM | Source: ICICI Direct

Stock Picks - Buy KPIT Technologies Ltd For Target Rs. 290 - ICICI Direct

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Technical Observations

* The midcap IT space continue to outperform with most of the stocks placed at their all time high. The share price of KPIT Technologies is in strong up trend forming higher peak and higher trough in all time frame.

* The stock has generated a resolute breakout above the bullish Flag pattern containing last two months decline signalling continuation of the primary up trend and offers fresh entry opportunity

* We expect the stock to maintain positive bias and head towards | 290 levels being the 161.8% external retracement of its previous breather (| 274-245) placed around | 830 levels

* The stock has retraced 80% of its preceding 10 session decline (| 274-245) in just two sessions highlighting strength and a robust price structure

* Among the oscillators the daily MACD has generated a buy signal moving above its nine periods average thus validates the positive bias in the stock

Buy KPIT Technologies Ltd @ 262.00-267.00 TGT 290 SL 249


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