In my previous blog on KPIT I had given a buy call around 117 level and given a target price of 140 to 142.
http://analyzestockmarket.blogspot.in/2012/07/kpit-eod-analysis-jul-30th-to-aug-17th.html
Today the stock has reached a high of 137.25 and has reached very close to the target given. This stock has given a big run of 17% from Jul 31st till date.
Those who have bought the stock basis my buy call, consider selling the stock at the current levels and book your profit as wave 5 will get completed any time and after which I expect a corrective wave pattern of A,B & C coming soon any time
Technical Indicators
On all 3 leading indicators RSI, Stochastics & Williams%R KPIT has started to show over bought levels, and this denotes weakness on charts and anytime sooner we may see correction in stock price coming our way
Moreover on force index indicator which is a price and volume indicator it has started show a decline inspite of price increase which confirms weakness in current level
Summary
Exit out of the stock at current levels and book your profit, and wait for further signals to come and I'll post the next wave pattern very soon after observing a day or two pattern
I have been holding KPIT since it hit 106 levels and have been actively investing on this stock, please note that a good stock which is fundamentally excellent can also go through technical correction and it is very natural and healthy for that to happen and that is how stocks work
So any decline is not be considered as weakness but it is getting prepared to show healthy on charts
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