ABB likely to rise further!

ABB has been extremely volatile stock in last 3 years. The stock rose to 1525 from 430 in the 2014 rally & then corrected nearly 40% from the highs to 950 levels. Thus completing 50% retracement of the previous rally.
However ABB made a 52 week low of 952 on Jan 22,  well before nifty made its 52 week low on budget day indicating that the stock is outperforming the index & it looks like this outperformance will continue further. There are multiple resistances in the zone of 1225 to 1300. Once the stock crosses & closes above 1300, its likely to make a new high in next 12 months.
In the short term, the stock is trading above its 21 day HMA & making higher tops & higher bottoms.  Momentum indicators also supporting the view. So long positions can be initiated in the stock @ current levels for target of 1225 with a stop of 1115.

Triangular pattern in Asian Paints!

Asian Paints has outperformed nifty in last 5 years. The stock made a high around 920 levels in January 2015 & then corrected to 700 levels in March 2015. But bouned back sharply to to make all time high of 926 in August 2015.
Since then the stock has been trading in the zone of 770 to 910 for last 7 months. While nifty is trading almost 20% lower from its all time high Asianpaints is trading almost near to its all time high indicating solid strength in the stock. Although the stock hasn't moved higher but it has made significant higher lows forming a triangular chart pattern.  A triangular chart pattern in an uptrend is considered extremely bullish. It looks like the stock will break out from the triangular pattern soon & move higher towards 1050 levels.
So long positions can be initiated in Asianpaints @ current levels for targets of 1050 with a stop of 835 on closing basis.