In the previous session, the market had a corrective move with a negative bias throughout the day. The Nifty index opened on a positive note but soon slipped into negative territory. No recovery was seen in the market today. The Index formed a strong Bearish candle on the chart and closed with a net loss of 88.75 points. Market looks volatile in the coming sessions, hence a cautious approach is advisable for the next trading day.

 Look at the below research report of ‘Stocks to Buy for Wednesday, March 01,2023‘ before the market opens.

ABB India Ltd

In the daily time frame, stock has given a breakout above ‘Bullish Pennant Pattern’. It’s a continuation chart pattern which occurred in a strong uptrend. The pattern consists of two major formations called the Flag pole and followed by the Triangle pattern. We have seen Higher highs and Higher lows formation in the stock since 6th February 2023 which formed a Flag pole. After that stock witnessed consolidation phase between 3200-3050 levels and formed a Symmetrical triangle like formation called pennant.

In short, ABB India will remain in the positive zone. Now a move above 3190 level will confirm the trend and open up gates for higher levels towards 3340.For the near term, the zone of 3058 has become a temporary immediate support for the stock.

Check More Analysis on ABB at: ABB India Ltd