Trade Idea of The Day - ABB India Ltd Target Rs. 200 - Religare Broking Ltd
ABB India Ltd
BUY 30 JUN 6900 CALL SELL 39 JUN 7200 CALL Entry Range 110 - 115 Target 200 Stop Loss 60
Rationale
1. ABB continues to trade above its rising 50-DMA and the prices are holding firmly near a well-defined ascending trend line. The broader structure remains positive, indicating that the primary uptrend remains intact for near term.
2. The current price juncture has emerged as a crucial support area, coinciding with the trendline and 20-DMA. Sustaining above this region may attract fresh buying interest and limit downside risk.
3. RSI has rebounded and hover above the 50 mark and trending higher, while MACD appears close to a positive cross over. These signals suggest improving momentum and the possibility of renewed bullish traction.
4. As long as ABB holds above 6800, the prices are likely to resume its upward journey towards 7200-7300 levels. Any dips toward support zones may present a favourable accumulation opportunity for positional traders.
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