Sell ABB; target of Rs 800: Aditya Birla Money

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Sell ABB; target of Rs 800: Aditya Birla Money

Aditya Birla Money is bearish on ABB and has recommended sell rating on the stock with a target of Rs 800 in its May 18, 2011 research report.

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Aditya Birla Money is bearish on ABB and has recommended sell rating on the stock with a target of Rs 800 in its May 18, 2011 research report.

"ABB has been rising in a well defined channel formed joining pivotal highs and lows. However a Dark Cloud Cover formed in ABB last week indicates that the stock has hit a strong resistance at Rs 900 zone. The Bearish pattern is once again confirming the strong resistance at Rs 900 zone. In the past 4 times the stock has failed to breach past and sustain above Rs 900. Moreover the weekly momentum has given a sell crossover from overbought zone confirming our bearish outlook. A breach below 850 levels would lead to a breach of rising channel indicating negativity towards Rs 800-780 levels. Sell ABB below Rs 850 for a target of Rs 800/780 with closing stop above Rs 875," says Aditya Birla Money research report.

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