ABB India has remained resilient amid the market sell off on Wednesday. Besides, the price has been taking support around the 200-DMA (day moving average), suggesting a possibility of recovery over the short term.
Rupak De
January 05, 2023 / 06:26 AM IST
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Bears took over Dalal Street on January 4, ripping the benchmark Nifty down 190points. On the four-hourly chart, the index has given an upward consolidation breakdown, besides the shorter moving average (21 EMA – exponential moving average – 18,233) finished the day lower than the longer moving average (50 EMA – 18,162), confirming the bearish scenario.
With the momentum indicator RSI (14 – relative strength index) remaining in a bearish crossover, the trend and momentum of the price suggest a rise in bearish bets in the market. Further declines are possible in the future that may bring the index down to 17,950.
Again, below 17,950, the index may slip to 17,800 and lower. On the higher end, 18,155–18,200 may act as immediate resistance, above which the bulls may gain strength.
Here are two buy calls and one sell call for short term:
ABB India: Buy | LTP: Rs 2,705 | Stop-Loss: Rs 2,600 | Target: Rs 2,920 | Return: 8 percent
The stock has remained resilient amid the market sell off on Wednesday. Besides, the price has been taking support around the 200-DMA (day moving average), suggesting a possibility of recovery over the short term.
The daily RSI (14) is in positive crossover and ready to move away from the oversold zone. Over the short term, a recovery in the stock price may take the stock higher, toward Rs 2,950. Rs 2,600 is a strong support level.
Gujarat Narmada Valley Fertilizers and Chemicals: Buy | LTP: Rs 580.50 | Stop-Loss: Rs 569 | Target: Rs 614 | Return: 6 percent
The stock has moved up after a consolidation on the daily timeframe, suggesting a rise in bullish bets. The price has moved above the 21 EMA on the daily chart, which confirms a bullish trend.
The daily RSI is in positive divergence. Over the short term, a rally in the stock price may take the stock higher, towards Rs 614. On the lower end, Rs 570 is a strong support level.
Ambuja Cements: Sell | LTP: Rs 518.85 | Stop-Loss: Rs 526 | Target: Rs 505 | Return: 3 percent
On the daily chart, the stock has formed a Bearish Engulfing pattern, indicating that more bearish positions are being added than bullish ones.
The price found resistance around the 50 EMA before falling lower. The daily RSI is about to enter a bearish crossover. Going ahead, we may witness a further fall in the stock that may take the price towards Rs 505 and lower. On the other hand, resistance is visible at Rs 526.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
