Nandish Shah HDFC Securities
ABB has given a breakout on the daily chart on Monday by closing above its 200-Day SMA with higher volumes. The stock price has been making higher top higher bottom formation on the daily chart.
The short-term moving averages are trading above the long-term moving averages, indicating a bullish trend. The momentum indicators and Oscillators are indicating strength in the stock for the short to medium term.
Therefore, we recommend buying ABB for the upside target of Rs 1,480, keeping a stop loss below Rs 1,300.
Disclaimer: The author is a Technical & Derivatives Analyst at HDFC Securities. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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