Shares of multibagger KPIT Technologies Ltd have zoomed nearly 123% from their 52-week low hit in the beginning of this year. The multibagger IT stock touched its yearly low of Rs 676.15 on January 4, 2023. KPIT Technologies stock has recovered 122.70% from its 52-week low till date. The stock closed 0.75% lower at Rs 1505.80 in the current session. Despite the stellar rally in 2023, the IT stock is still down 8.15% from its record high of Rs 1639.60 reached on November 20 this year.
In theory, when the price-to-earnings (PE) ratio - a popular valuation measure - of a stock or an index is above averages, the stock is considered richly valued and is considered to have limited upsides.
In the near term, given the RSI at overbought zone levels and PCR (Put-Call ratio) reached 1.5 mark, the consolidation or some pull back can t be ruled out, experts said.