KPIT EOD Analysis - Jul 30th to Aug 17th '12

• KPIT currently has completed its impulsive 5 wave Elliot pattern and has gone on a corrective phase with A & B over. 
• C wave can find bottom around 115 to 117 levels and then it will start its journey back to another impulsive wave pattern upwards until it touches around 140 level
• Fibonacci retracement can stop around 115 level as the trend line for C wave ends around that level
• Fibonacci extension level shows 50% at 142, so a move upward before Aug 2nd week is more likely to come

Keep buying KPIT on dips as this is one stock which has the ability to move up even if NIFTY finds its way downward to 5000 level. 

Summary

Buy KPIT at current levels and continue to buy on dips until C wave correction gets over. You can stay invested for next 10 to 12 trading sessions to see a target of 140 to 142 with a SL placed at 113