Buy ABB for target of Rs 867-880: Arihant

MUMBAI: Arihant Capital Markets is of the view that indicators like daily relative strength index ( RSI), MACD, & STOCHASTICS of ABB are in positive zone. The stock can touch target of Rs 867-880 in the short-term, it says.

“The 200 days moving average of ABB is currently at Rs 809. It has been in uptrend from its Aug 2010 trough of Rs 757. However, the stock has given Rounding Bottom Breakout at Rs 825 on daily chart. ABB has strong support at Rs 825 (significant short-term support level).

The daily relative strength index (RSI), MACD, & STOCHASTICS are trading in positive zone & stock closed above 200 DMA. Investor’s with short term perspective can buy and accumulate ABB at around Rs 830-825 with closing below stop-loss of Rs 810 for a target price of Rs 867-880,” the report said.