Don’t miss action in this large-cap stock nearing its technical breakout level!

In these bearish sentiments, this large-cap stock grabbed a lot of attention and was the saving grace for the bull’s camp.

On Tuesday, the market did not witness a follow-up buying after a strong rebound of bulls from the lows of Monday. As a result, Nifty is down near about 120 points from the close of Monday. 

The stock of ABB India Ltd has rallied nearly 3 per cent, and with this, it is among the Top Gainers of the F&O segment in the morning session of the day. ABB India Ltd rallied nearly 50 per cent from the lows of June 2022. In February, the frontline index Nifty is down about 1.65 per cent, meanwhile, the stock of ABB India is up by nearly 12 per cent. 

ABB India Ltd is a Rs 67400 crore market cap company founded in 1949, engaged in the manufacturing of electric motors, generators, transformers, and electricity distribution and control apparatus. It is almost a debt-free company maintaining healthy dividend history of 27 per cent.  

The stock is trading consistently above 200 DEMA since November 2020. The stock has witnessed a strong up move right from the onset of February on the back of strong volumes. From a technical standpoint, the stock is trading above its short-term and long-term moving averages and Interestingly, all the moving averages are trending higher, thus indicating strong momentum. 

On the daily chart, the 14-period RSI stock is above 60 and the MACD is already in the buy zone. Interestingly the stock recorded volume greater than the 10-day and 30-day average volumes. Currently, shares of ABB India trade at Rs 3183, technically a close above the Rs 3240 level will give a breakout of the consolidation range from August 2022. 

Considering the above factors, intraday and swing traders can keep this stock on the watchlist.