Market Trading Guide: Buy Oil India and ABB Friday for Up to 14% Potential Upside

Nifty posted its third straight gain on Thursday, helped by buying in financial and energy stocks, although selling pressure in auto, IT and consumer loans capped the upside. The index maintained its position above the 50 EMA on the hourly chart.Commenting on the day’s trends, Rupak De, Senior Technical Analyst at LKP Securities said Nifty gained strength and closed higher after initial weakness. “The RSI has remained in a positive crossover on an hourly basis. With Friday being the last trading session before the Budget, relatively limited movement can be expected. On the higher side, 25,500 is likely to act as a crucial resistance. On the downside, immediate support is placed at 25,200, below which a sharp decline can be seen in the market,” De said.

Here are 2 stock recommendations for Friday: Buy OIL for €514.75 | Benefit: 13%

Stop loss: Rs 483

Target: Rs 580

Oil India has made a decisive breakout of the long-term ascending triangle, supported by strong volume growth, pointing to new institutional buying. The stock has broken above key resistance levels near 480-490 and is trading well above the short and medium term EMAs, confirming a bullish trend shift. The RSI is above 60 and trending higher, indicating strong momentum without extreme overbought conditions. The series of higher highs and higher lows reinforces the positive structure.(

Buy ABB India for Rs 5,474 | Benefit: 14%

Stop loss: Rs 5,052

Target: Rs 6,250

ABB India is showing signs of a potential trend reversal after a prolonged downtrend. The stock found strong support near the demand zone between 5,000 and 4,950 and rebounded sharply on above-average volume, indicating strong buying interest at lower levels. The price has moved back above the short-term EMAs, and a close above the descending trendline would further confirm the bullish intent. The RSI has recovered from oversold levels and is trending upward, indicating improving momentum. By maintaining a position above the main support zone, the negative consequences are limited.

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(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of Economic Times)