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Emargin Positional Pick - Buy ABB India Ltd For Target Rs. 2120 - HDFC Securities

After showing a larger range bound action for the last seven weeks, the stock price has witnessed a sustainable upside bounce in this week so far.

The stock price is currently making an attempt to stage upside breakout of the sideways consolidation at Rs 1930-1940 levels.

A larger degree of higher bottoms is intact on the weekly chart and the recent swing low of Rs 1790 could be considered as a new higher bottom of the sequence.

Volume has started to expand while the stock price shows upside breakout of the hurdle.

Weekly 14 period RSI has turned up from near 60-62 levels, which signal further strengthening of upside momentum for the stock price ahead.

The overall chart pattern of ABB indicate a long trading opportunity. One may look to create positional buy as per the levels mentioned above.

Buy ABB India Ltd Up to 3 Months @ Add on dips 1805 CMP 1920 TGT 2120 SL 1750

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