Stock Picks - Buy KPIT Technologies Ltd For Target Rs. 350 - ICICI Direct
Technical Observations
* The IT space continue to remain in in strong up trend with most of the stocks forming higher peak and higher trough in all time frame
* The share price of Kpit Technologies remain in secular up trend and has generated a breakout above its last three weeks range (| 315-280) signalling continuation of the up trend thus offers fresh entry opportunity
* We expect the stock to head towards | 350 levels in the coming weeks as it is the measuring implication of the last three weeks range breakout (| 315-280) signalling upside towards | 350 levels
* The entire up move since March 2021 is well channeled signalling sustained demand at elevated levels. The 20 days EMA has acted as strong support for the stock since December 2020 (currently placed at | 292 levels highlighting a robust price structure
* Among the oscillators the daily MACD is in up trend and is seen rebounding taking support at its nine periods average thus validates positive bias
Buy KPIT Technologies Ltd @ 314.00-322.00 TGT 350 SL 302
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