KPIT Analysis - EOD for Jul 3rd '12

In my previous posts that I have been updating since Jun 19th ( http://analyzestockmarket.blogspot.in/search/label/KPIT ) I have been mentioning that KPIT has upside from the time it has reversed around 106 level

I had given 3 levels of targets and KPIT has already 2 out of 3. Resistance for KPIT is at 123.76. For last 2 trading sessions KPIT has not broken out of that zone on the upside

PARABOLIC SAR & FIBONACCI RETRACEMENT LEVEL

As I have mentioned before in my earlier posts, connecting a high of 128.65 & low of 108.5 KPIT has already retraced by 78.6% which is at 123.76. Infact it has just slightly fallen short of it

Infact I have been long in KPIT from 109 and I had accumulated and parallely kept taking profits in multiple stages

My take is that it just not a day trade but a swing trade as well.

Following are the key support zones for KPIT

119.92 to 119.62

118.4

117.18

A decline below 115 is not possible as the stock has to touch around 128 to 129 levels sooner before starting to see a decline

So my recommendation is go long and buy around those support levels and keep accumulating at every dip

RSI Indicator

RSI Indicator is showing a healthy trend with some mild correction that has happened. Strong support at 118.4 and we should see some movement further up

Buy KPIT and be long until 128 to 129 levels with SL at 115