ABB has target of Rs 715: Bothra

ABB has target of Rs 715, says Kunal Bothra, Senior Technical Analyst of LKP.

Bothra told CNBC-TV18, "Sell ABB with a price target of Rs 715. If you look at the daily chart pattern for this stock, yesterday it has come out with a strong consolidation pattern on the downside and the price also moved in sync with the markets, it was down more than 2% yesterday, the short-term support for the stock lies at Rs 700 which is very close to its long-term moving averages." He further added, "I think that this stock has a very strong momentum on the downside and I think a breakout from this particular level, which we seen yesterday, can trigger fresh shorts in this particular stock. My target for today however is Rs 715."