Buy ABB with stoploss fo Rs 800: India Infoline

MUMBAI: India Infoline has advised traders to buy ABB with stoploss of Rs 800.

“Since last few months, ABB has made 100-day DMA to be its most important support level. In March 2009 it made a base around this moving average and then staged an impressive rally of 12% in two weeks (from a base of Rs 775 to a high of Rs 875).

In yesterday’s session, the stock stabilized again around its 100-day DMA against the weaker trend in the broader indices, emphasizing our belief that it remains a critical support level. Keeping in mind, the above mentioned evidences, we recommend high risk traders to buy the stock with a stoploss of Rs 800 for a target of Rs 855 and Rs 860,” the report said.

Note: Trading idea valid for time-period of 1-3 days.