Don’t miss action in this multibagger IT stock that is trading at an all-time high! Do you own it?

The stock has been a proven multibagger, having generated over 1,200 per cent returns in just 3 years!

The broader market witnessed strong selling pressure despite opening positively amid good global cues. Despite this, the shares of KPIT Technologies (NSE Code - KPITTECH) has surged over 6 per cent on Friday to trade at all-time high levels of Rs 875on NSE. The midcap IT stock with the market capitalisation of about Rs 23800 crore is the top performer on the bourses today.   

Interestingly, the company recently announced its alliance with Honda to accelerate software-defined mobility (SDM) journey. The partnership will expand to over 2000 software system professionals to power Honda’s SDM roadmap until year 2030 and beyond. Investors rushed in to buy the stock as the growth prospects of the company took a positive shape.   

Technically, the stock has broken out from its 61-week cup pattern with above average volume. Such breakout is considered bullish over a medium-long term. As per the technical analysis, the stock is expected to test the level of Rs 1000 in medium term. Strong support is placed at Rs 745 level in the form of 20-week MA.   

The stock has been a proven multibagger, having generated over 1,200 per cent returns in just 3 years! With positive and strong relative strength against the broader market, the stock is likely to outperform in times to come. Momentum traders and investors should keep a close watch on this stock in upcoming trading sessions.