I had earlier mentioned during mid intraday day analysis that it is more likely that KPIT may form a DOJI sign on intraday charts and we see finally it doing the same thing
Now the question is what's next for KPIT?
Trend is still intact, we need to be stock specific and move out of index based stocks to see more gains. Markets will remain choppy between 5000 & 5200 range and it is wise to choose stocks that are fundamentally carrying strength and are having good technical indicators. Once such stock which hold good strength after a steady decline is KPIT
From the above chart we can see a DOJI sign registered, a big upmove is possible with indicators pointing in the right direction. It may come this week itself
From the above given chart we can also see Williams %R pointing upwards which is definitely a good sign of further upmove confirmation and it is still not in over bought situation
On the fibonacci retracement levels KPIT completed 38.2% by touching 117.4. I expect an upmove of atleast upto 119 to 120 maybe even higher.
In coming days KPIT can easily touch 119 - 120 levels which completes 61.8% level on charts
Moving averages esp. EMA 12 & EMA 26 have also started to trend in right trajectory
Overall KPIT is a buy with stop loss at 113 for positional & short term traders
Expect an upmove with following targets
Target 1 - 120
Target 2 - 123.7
Target 3 - 126
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