In the previous session, the Nifty index opened on a positive note and made a high near 16945.70. However, in the middle of the market the index saw selling pressure from higher levels. Technically, The Nifty Index is forming a bearish candle on the chart from the last two days and closed with a net loss of 14.75 points. The overall market will remain volatile hence a cautious approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Friday, May 06, 2022’ before the market opens.

ABB India Ltd.

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

In the last trading day, stock formed a strong bullish candle on the daily chart and closed with a net gain of 10.26%. On the technical perspective, stock formed a ‘Double Bottom Pattern’ on the chart. As per the chart reading, a long entry signal will be triggered only above the previous day’s closing level. Prices have been giving a break above the Ichimoku cloud which is a strong indication of a positive trend. The Relative Strength Index (RSI) on the daily chart is 59.

In short, ABB Ltd. has continued to trade in the positive zone. Now a move above previous day’s closing near 2221.10 will confirm the continuation of the uptrend and open up gates for higher levels towards 2424 level. As far as we do not see any closing below 2160 on the lower side. As the market looks to be volatile, use a trailing stop loss method to protect your profit.

Check More Analysis on ABB at: ABB India Ltd