ABB India Ltd - Potential Breakout Targeting ₹9,130

10 ott

This analysis focuses on ABB India Ltd, where the stock is exhibiting a potential breakout from its recent consolidation phase, suggesting an upward move toward ₹9,130, which is 9.39% higher from the current level. The chart includes Fibonacci retracement levels, key trendlines, and technical indicators.

Key Highlights:

• Current Price: ₹8,510.30
  

• Fibonacci Retracement:

1. 61.8% retracement level around ₹8,835 has been broken, which is a bullish sign.
   
2. Price is expected to reach the 100% retracement level at ₹9,130.75, indicating further upside potential.
   

• Trendline Breakout

: The stock has broken out of a descending triangle, confirming a breakout, which is supported by increasing volume and momentum.

• Technical Indicators:

1. RSI: Shows a gradual rise, indicating growing bullish momentum.
   
2. Moving Averages: The stock is well above its 50-day and 200-day moving averages, reinforcing the bullish trend.
   

Key Levels to Watch:

1. Resistance: ₹9,130.75 (100% Fibonacci retracement).
   
2. Support: ₹8,084 (50% Fibonacci retracement).
   

Conclusion:
With the breakout above the descending triangle and the stock holding above key Fibonacci levels, ABB India Ltd appears set for an upside move toward ₹9,130. Traders should watch for sustained volume and monitor support levels in case of pullbacks.