Sell ABB around Rs 850, target Rs 750

In a chat with ET Now, Sanjeev Agarwal, director, Dynamix Research and Capital Management, talks about the outlook of ABB Ltd.

What is your view on ABB?

ABB has been in a sideways range. Rs 900 has been the upper range. We are running a sell call around Rs 850 level and the target remains Rs 750. This year the results are just confirming the weak pattern and any pullback towards Rs 840 or Rs 850 should be used to sell because right now it will be little late to sell. The risk return ratio would not be in your favour. Traders can wait for a bounce back. Any level if you get Rs 835-850 will be the range where you can sell. Stop loss on a lower rate can be Rs 860 and the final stop loss can be Rs 900 and just go short on that.