Top buzzing stock: ABB India
The stock of ABB has surged over 3% during the initial hours of Monday’s trading session.
The stock of ABB has given a breakout from its double bottom pattern and is trading nearly at a day’s high. It is in strong bullish momentum, having gained about 14% in just three trading sessions. During this period, the stock has recorded above-average volume, which happens to be greater than the 10-day, 30-day, and 50-day average volume. Such strong volume justifies the buying interest among the market participants.
Several technical indicators point towards bullishness. The 14-period daily RSI (65.98) has crossed above its prior swing high, indicating strong strength of the stock. The ADX points northwards, while the +DMI is above the -DMI. This indicates a strong uptrend. Meanwhile, the MACD has given a bullish crossover a few days back and suggests an uptrend. The OBV has risen sharply and indicates strong strength from the volume’s perspective. The Elder Impulse system maintains the buy signal, while KST and TSI have a bullish view of this stock. The stock trades above all the key moving averages and is about 8% above its 20-DMA. Interestingly, all of them indicate a bullish trend.
On a YTD basis, the stock has generated about 5% returns and has outperformed the broader market. As per the breakout, the stock has the potential to gain about 15% in the short to medium term. With this, the target is expected at around Rs 2580 levels. Moreover, it presents a good opportunity for swing trading. Short term traders/positional traders can expect good profits in the near term as per the technical analysis.
ABB India Limited is engaged in the power and automation business. With a market capitalization of about Rs 50000 crore, it is one of the sector leaders having a strong market presence.
Share Market Today
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