ABB India Ltd which has risen over 100 per cent in the last 1 year compared to the over 50 per cent rally seen in the Nifty50 is on the verge of a breakout above the sideways consolidation range, suggest experts.

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ABB India which hit a fresh 52-week high of Rs 1941 on the BSE on 16 September went into consolidation. The stock picked up some momentum in the week gone by where it rallied by about 5 per cent and inching closer to make a fresh 52-week high.

If the momentum continues, the stock could well surpass levels of Rs 2000-2100 in the next 3 months, HDFC Securities said in a note that translates into an upside of about 11 per cent from Rs 1911 recorded on October 22.

ABB is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future, it said on its website.

After showing a larger range bound action for the last seven weeks, the stock price has witnessed a sustainable upside bounce in this week so far.

“The stock price is currently making an attempt to stage upside breakout of the sideways consolidation at Rs 1930-1940 levels,” said the HDFC Securities note.

A larger degree of higher bottoms is intact on the weekly chart and the recent swing low of Rs 1790 could be considered as a new higher bottom of the sequence.

“Volume has started to expand while the stock price shows upside breakout of the hurdle. Weekly 14 period RSI has turned up from near 60-62 levels, which signal a further strengthening of upside momentum for the stock price ahead,” it said.

The note further added that the overall chart pattern of ABB indicates a long trading opportunity. One may look to create a positional buy at current levels or on dips towards Rs 1805 for a positional target of Rs 2120, and a stop loss can be placed at Rs 1750 with a time horizon of 3 months.

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)