Stock Pick for Thursday, June 24, 2021

  • Stock Market Analysis

In the previous session, we witnessed the corrections in the market. The Nifty index opened on a positive note but later eliminated all its gains and slipped into negative territory. The Nifty closed with a net loss of 85.80 points. The Index formed a Bearish Engulfing candlestick pattern on the daily chart which indicates more weakness in the next 1-2 trading sessions. Due to derivative expiry day, a highly cautious view is advised for the day.

Nifty is already in the positive zone whereas BankNifty is in the negative zone. The overall market would be considered bullish only if BankNifty closes above 34914 and until then traders should remain cautious. Following stock looks strong and traders can consider going long at dips.

ABB India (NS: ABB ) Ltd:

NSE: ABB   BSE:500002  Sector: Capital Goods – Electrical Equipment

As shown on the daily chart, ABB India formed a strong bullish candle. The stock has decisively broken the ‘Cup and Handle Pattern’ and closed above the neckline of the pattern. Prices made a triangle pattern in the form of a handle. This pattern is considered one of the key signs of bullish continuation, used to identify as a buying opportunity. The important thing to witness is that stock closed above the upper Bollinger band which indicates positive momentum in the coming days.

In short, the trend for ABB India Ltd looks to be positive. A throwback can be expected near 1775 levels. Use dips as a buying opportunity for a move towards 1930 levels as long as the 1720 level holds on the downside.

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