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“From a technical point of view, the benchmark index has shown signs of a consolidation breakdown, and a similar move in a follow-up session could be devastating in the short term. Simultaneously, the derivative and technical parameters are in extremely oversold territory, and some respite from sell-off could uplift the overall sentiments,” said Osho Krishan, Senior Analyst – Technical & Derivatives, Angel One.
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The stock has formed a doji-like pattern on the daily chart, suggesting a mild possibility of a bullish reversal in the near term. Additionally, the stock found support at the 200-DMA before the rally. The RSI has entered a bullish crossover. In the short term, the stock might move toward 290, with support placed at 265.
Rupak De, Senior Technical Analyst, LKP Securities
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The stock has moved above the consolidation high on the hourly chart, suggesting a rise in optimism. Additionally, the stock has moved above the 55EMA on the hourly timeframe. The RSI has entered a bullish crossover. In the short term, the stock might move toward 300, with support placed at 269.
Rupak De, Senior Technical Analyst, LKP Securities
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Abbott India has given a breakout from a symmetrical triangle pattern, signaling an uptrend. The increase in volume during the breakout indicates strong buyer interest. The price trading above the 50 and 100 EMA further supports this upward trend.
Kunal Kamble, Sr Technical Research Analyst, Bonanza
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On the daily time frame, the stock has broken out of its range and reached an all-time high, indicating a continuation of the uptrend. The increase in volume over the past week supports this price action. Additionally, the price is trading above all major EMAs, affirming the uptrend.
Kunal Kamble, Sr Technical Research Analyst, Bonanza
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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This article was originally published by Indiatimes.com. Read the original article here.