I had given a buy call on Jul 23rd '12 in moneycontrol for KPIT for a target of 125 with a SL of 113. However my SL got hit and went to a low of 111.75. It went just less than 2 points below my SL mentioned
KPIT looks bullish on chart and has completed its downtrend and is ready to go up
Parabolic SAR
I was waiting for KPIT to touch 123.9 to 124 so that the parabolic SAR would change direction and will start showing below candlestick charts. Now today with a high made at 123.9, KPIT has a Parabolic SAR pointing below candlestick chart
Elliot Wave
An immediate target of 129 to 130 is possible with wave 3 completing & then a mild correction of wave 4, followed by final wave of 5 possible.
With NIFTY dragging down, the entire CNX IT index looks to have bottomed out with 5 wave pattern on Elliot wave looks to be over and another wave 1 has started
KPIT has a buy call at current levels and can reach 129 to 130 before announcement of result
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