KPIT Tech, Wipro, Coal India: Trading strategies for these buzzing stocks

KPIT Tech has witnessed a decent rally after giving a breakout above Rs 1,280 level. The near-term support for the stock comes at around Rs 1,420 level while the next near term target is visible at around Rs 1,680-1700 levels.

SUMMARY

• Indian indices settled slightly lower on Monday amid profit booking.
• An analyst from Prabhudas Lilladher has a ‘hold’ rating for KPIT Tech.
• The analyst is bullish on blue-chips such as Coal India and Wipro.

Domestic indices on Monday extended their fall to the second session amid a lack of directional cues and profit booking in select sectors. The BSE Sensex fell 139.58 points, or 0.21 per cent, to end at 65,655.15. The NSE Nifty declined 37.80 points, or 0.19 per cent, to end the day at 19,694. A few stocks namely Coal India Ltd, Wipro Ltd and KPIT Technologies Ltd are likely to remain in focus today. Here is what Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher has to say on these stocks ahead of Tuesday’s trading session:

Wipro | Buy | Target Price: Rs 422 | Stop Loss: Rs 388
Wipro has bottomed out near the Rs 378 level and indicated a decent pullback, as the stock moved past the confluence of moving averages of 200 period MA and 50 EMA level at Rs 397 to improve the bias. A further rise is anticipated on the counter in the coming days. The RSI also picked up well from the oversold zone and is currently well placed. One can hold the stock for a near term target of Rs 422 level, keeping the stop loss near Rs 388-390 zone.

KPIT Technologies | Hold | Target Price: Rs 1,680-1,700 | Stop Loss: Rs 1,420
KPIT Tech has witnessed a decent rally after giving a breakout above Rs 1,280 zone. The strong bias is maintained, suggesting further rise for the stock in the coming days. The near-term support would be at around Rs 1,420 zone, below which the bias can turn a bit weak. On the upside, the next near-term target is visible at around Rs 1,680-1700 levels. In the case of further strength, one can expect levels of Rs 1,860-1880 as the next target..

Coal India | Buy with caution | Target Price: Rs 395-400 | Stop Loss: Rs 305
Coal India has gained quite significantly in the last three months from the Rs 230 level to touch the peak of Rs 359 level. This is the level where the scrip showed resistance and witnessed some profit booking. The near-term support would be Rs 328. After some cooling off, the second round of momentum can push the stock to higher targets of Rs 395-400 zone. Only a decisive breach below the significant 50 EMA level of Rs 305 zone may weaken the bias.

With Thanks Reference to: https://www.businesstoday.in/markets/stocks/story/kpit-tech-wipro-coal-india-trading-strategies-for-these-buzzing-stocks-406458-2023-11-21