(Short Term Cash)
October 24 2016
KPIT Tech. (NSE Cash)
BUY
` 132
` 140 - 141
` 156
2 Months
Weekly Chart
Source: Falcon (Chart Time: 10:54 IST)
Justification:
This stock has undergone a massive price-correction after posting a new 52-week high of `196.85 during the
month of June 2016. However, this fall got arrested around the 78.6% retracement level of the entire up move
from `108 to `196.85, which is placed at 126. The stock consolidated around this support for nearly two
months and now after forming a strong base, the stock is on the verge of giving a very good rally in the near
term. On The weekly chart, the ‘RSI-Smoothened’ oscillator has confirmed its positive crossover at the
oversold territory and on the lower degree (daily) chart, the stock has managed to surpass its daily ’89 EMA’
as well as ‘Multiple Resistance Zone’ of `137 with a rise in volumes. Thus, traders are advised to buy the
stock at current level and on declines up to `140 for a target of `156 in next two months. The stop loss
can be placed at `132.
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October 24, 2016
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Active
Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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