short term breakout in KPIT Technologies
stock has made a fresh 6 week high with decent volumes on the daily chart. it has also broken out of its recent sideways consolidation as the chart shows
initiating a trading buy in KPIT Tech with
SL = 106 (weekly closing)
Initial Target = 126
Kpit has broke it's previous resistance on to a trendline. It broke and then retested at its level back. Now started again it's move . There was a strong pullback and had started its upmove with a strong candel on a upside. Short term target is 185 as per fibo levels and gann levels both
KPIT Technologies looks weak in Daily charts. KPIT rallied along with the support of other IT majors.
22 points profit booking already done in the past 10 days.
Money Zone is around 90-100
All Time resistance is at 117. If it respects the line, it can fall up to 100 and further to 90 and will oscillate in the 90-100 range.
Watch out for any news that...
The stock has tested its resistance a several times, if it closes above the resistance a quick move of 10% can be expected, which will be its 1st Tgt. Probabilities are high since the volumes in the recent times have increased tremendously.
Disclaimer : The opinions and analysis expressed herein are for informational and educational purposes only and should not be considered as individual investment advise or recommendations. I am not your financial advisor. Risk it for Biscuit.
****Disclaimer****
Trade with risk management but don't get afraid of taking risks because the winner is who BETS as well as never gets out of CHIPS...!!
Taking multiple supports at the 20 DMA and stock correction happening on low volumes, probably consolidating by eliminating weak hands. Bearish Doji has formed on Daily charts and trade confirmation on trend reversal expected. Will watch the charts for a potential breakout.
Anand Rathi: Buy TP 110
No fresh buys as we have two upper trend channel lines standing in th way of target.
Buy at trendline only when tested with bullish reversal bar.
