Do you own this midcap IT stock which has seen fresh buying interest from traders on October 7?

In its recent quarterly result, KPIT Technologies posted stellar results as net sales grew 40 YoY to Rs 354 crore, while its net profit also rose 40 YoY to Rs 73 crore

All the sectors are weak on Friday as global sentiment remains jittery. Midcap and Smallcap stocks have seen some profit booking, but stock specific action continues as some quality names see fresh buying interest from investors. The stock of KPIT Technologies has surged nearly 4% on Friday backed by above average volume. On the daily technical chart, the stock has registered a strong price volume breakout and trades above its prior swing high. It trades above all its key moving average and its price pattern appears to be positive.

Moreover, the technical parameters suggests that the stock possesses strong trend strength, The ADX (26.21) points in the northwards direction and looks bullish. The MACD continues to trade above the signal line, demonstrating stronger uptrend. The 14-period daily RSI (71.35) is in super bullish territory and expresses strong strength in the stock. The elder impulse system has given a fresh buy. The Relative Strength (RS) is positive and shows outperformance of the stock against the broader market. All the key moving averages are in an uptrend and shows long term bullishness.

In its recent quarterly result, KPIT Technologies posted stellar results as net sales grew 40 YoY to Rs 354 crore, while its net profit also rose 40 YoY to Rs 73 crore, thus keeping profitability at good levels.

In the past 3 months, the stock has jumped 33%, while in one year, it has doubled shareholders’ wealth. The performance of the stock has been fantastic so far, as investors buy such quality stocks at lower levels.

KPIT Technologies is a technology company engaged in computer programming, consultancy and related activities. With the market capitalisation of about Rs 18600 crore, it is one of the fastest growing midcap company of its sector.

Currently, the KPITTECH share price trades at Rs 691 levels. Keep an eye on this stock to track its further progress!