March 15, 2017
Union Bank of India (NSE Cash)
150 - 151
14 - 21 sessions
Source: Falcon (Time: 10:10 IST)
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.
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
022-3935 7600 Extn: 6552
March 15, 2017
Last 13 recommendations
CMP Target 1 Target 2 Stop-loss
1180 - 1188
160 - 161.50
690 - 694
2840 - 2855
725 - 732
861 - 867
140 - 141
1190 - 1200
88 - 89
Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552)
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