March 15, 2017
Union Bank of India (NSE Cash)
BUY
` 143.50
` 150 - 151
` 163
14 - 21 sessions
Daily Chart
Source: Falcon (Time: 10:10 IST)
Justification:
Of late, we witnessed a spectacular rally in the ‘Private Banking’ space and at the same time, the ‘PSU Banks’ have done
nothing. Now, we expect some catch up rally from PSU banks and hence, we would like to recommend ‘Union Bank’
along with its peers ‘PNB’ and ‘OBC’. Technically speaking, ‘Union Bank’ has completed its corrective move around the
61.8% Fibonacci retracement of the previous up move and has managed to form a strong base around it. This level
coincides with multiple technical indicators and hence, can be considered as a strong support zone. Tody, we are
observing a breakout on hourly chart from the multiple resistance zone 150.50 along with rise in volumes. Hence, we
advise traders to buy this stock at current levels to a decline up to `150 for a target of `163 over the next 14 to 21
sessions. The stop loss should be fixed at `143.50.
Sameet Chavan
022-3935 7600 Extn: 6552
1
March 15, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552)
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