MNC stocks in focus: Charts show up to 17% upside in ABB, HUL, SKF India

The Nifty MNC index kicked off the August series at a record high of 19,854, after surging 18 per cent from June's 52-week low levels. Outperformance of the Nifty MNC index against benchmark indices demonstrates a strong resilience.

Among its constituents, ABB India, Hindustan Unilever, and SKF India have excelled well in recent months with ABB and SKF India gradually ralling to all-time highs.  

In Thursday's trade, Kansai Nerolac Paints and Castrol India were the top gainers in the Nifty MNC index, up over 3 per cent each. 

Here’s the technical outlook for these stocks: 

ABB India Ltd (ABB)

Likely target: Rs 3,800

Upside potential: 15%
 

When ABB shares toppled the hurdle of Rs 2,500 in July 2022, the upward bias never appeared to be on a shaky ground. At present, the Relative Strength Index (RSI), which is the strength oscillator, trades in the overbought category but does not find enough selling pressure to disrupt the ascending sentiment. The immediate support for the stock comes to Rs 3,200 and Rs 2,900 mark and the highly optimistic outlook points to a rally to Rs 3,800. CLICK HERE FOR THE CHART

SKF India Ltd (SKFINDIA)

Likely target: Rs 5,500

Upside potential: 12%

In 2021, shares of SKF India encountered a ceiling hurdle close to Rs 4,250 mark, which later resulted in a choppy 30 per cent decline. Currently, the stock has not only crossed the same ceiling, but has run further with a strong underlying momentum. The positive rally is heading towards the Rs 5,500-mark, shows the weekly chart. Immediate cushion for the bull stock exists at Rs 4,600. CLICK HERE FOR THE CHART

Hindustan Unilever Ltd (HINDUNILVR)

Likely target: Rs 3,000

Upside potential: 17%
 

While the stock appears to have struggled to log fresh peaks this year, the present chart formation of 'Inverse Head and Shoulder', a bullish pattern, asserts a strong reversal, suggesting a positive outlook for coming sessions. The said pattern indicates accumulation may happen if the stock shows any healthy dip, any negative pullback shall be an opportunity to go long. The support for the stock comes to Rs 2,500 with the positive chart pattern firmly pointing at a new historic peak of Rs 3,000. CLICK HERE FOR THE CHART

Kansai Nerolac Paints Ltd (KANSAINER)

Likely target: Rs 560

Upside potential: 10%
 

Shares of Kansai Nerolac Paints crossed the 200-day moving average (DMA) suggesting a positive outlook ahead. The 200-DMA is placed at Rs 480 mark. And as long as this support is defended, the bullish bias is intact. The momentum could swing towards Rs 560, if the overall market continues to stay elevated. CLICK HERE FOR THE CHART

Castrol India Ltd (CASTROLIND)

Outlook: Hurdle range of Rs 120 – Rs 115
 

Post the sideways breakout in July 2022, the stock managed to rally towards Rs 120- Rs 115 range, which is the imminent barrier. Thus, the next breakout emerges only if the counter overthrows this range. Until then, the support of Rs 110 stays as the cushion for the bullish bias. CLICK HERE FOR THE CHART