Top Trending stock: ABB India

The stock of ABB India is looking quite bullish and has hit a fresh all-time high of Rs 2467.55 on Tuesday.

ABB India Limited is engaged in the power and automation business. It is a large cap company with over Rs 50,000 crore of market capitalization. It is one of the strongest company in its sector. Fundamentally, the company has posted decent numbers in the past few years and has aggressive growth plans.

The stock of ABB India is looking quite bullish and has hit a fresh all-time high of Rs 2467.55 on Tuesday. In one month, the stock has delivered about 7% returns to its shareholders during times when the broader markets remained under severe selling pressure. Moreover, in one year, the stock has gained over 77% and thus, has outperformed most of its peers during the period.

With such phenomenal performance, the institutions have been increasing their stake since the last few quarters. Major stake in the company is held by the promotors (about 76%), while about 10% is held by the institutions. The rest is held by the HNIs and the public.

Several technical factors support the bullish nature of the stock. The RSI is trading above 60 in the bullish territory, while the trend indicator ADX is well above 36, which indicates strong trend strength of the stock. Moreover, the MACD histogram is rising and shows the potential of the stock for further upside. Interestingly, all the moving averages have an upward slope, which hints towards a strong trend momentum of the stock in the short to medium term. To support the bullish claim of the technical parameters, the volume recorded in the past few days were above average. The volumes are greater than the 30-day and 50-day average volume and indicate larger participation of market players in the stock.

Considering recent performance, along with good price action and volume, the stock is expected to surge higher in the coming days. Being a fundamentally sound and technically strong stock, positional traders can look to include this stock in their watchlist as it has the potential to delivered good returns in the short to medium term.