Hold ABB to portfolio, may hit Rs 1600: Rahul Mohindar

Rahul Mohindar of viratechindia.com told CNBC-TV18, "ABB is really breaking out of a range. In the last two or three months it has been struggling to get past Rs 1,4 00-1,415 and Rs 1,200-1,250 has been the base. In the long term Rs 1,600 odd is what I am looking at in terms of targets. If you are looking at very short term trade then I am looking at a price target of Rs 1,470 which means if you buy at current level you could get in with a stop loss at Rs 1,390 for the target of Rs 1,470. However, on the whole if you are a long term investor with vision of at least six months to a year, the stock is worth holding in to your portfolio."

At 09:48 hrs ABB was quoting at Rs 1,406, down Rs 15.25, or 1.07 percent. It has touched an intraday high of Rs 1,425 and an intraday low of Rs 1,402.30.