In the previous session, the Nifty index saw a mild positive opening in the morning but soon slipped into the lowest point of the day. Later we noticed some recovery in the market. Post that market witnessed selling pressure again and the Nifty index closed with a net loss of 43.90 points. The Nifty index traded in the range bound throughout the day. Technically, the index made a bearish candle on the chart. Hence, we recommend continuing to approach the markets in a stock-specific way.

Look at the below research report of ‘Stocks to Buy for – Monday, February 07, 2022’ before the market opens.

ABB India Ltd

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

Since the last few trading sessions, we have seen good buying in the Capital goods sector. We have shown the chart of ABB India. Stock prices are moving in the Channel Pattern. In the previous session, stock formed a Bullish candle on the chart and closed with a net gain of 1.28%. Since price has taken strong support of Middle Band Bollinger on the daily chart, which suggests positive bias for the short term. In addition, ADX indicator is near 29 value, also +DI is moving above –DI indicating that positive momentum is about to come.

In short, one can initiate buy at current price and add more on dips around support levels near 2200 levels. We can expect it to reach a target of 2470/2640 levels. This outlook is valid as long as we do not see any closing below lower Band Bollinger.

Check More Analysis on ABB at: ABB India Ltd