June 15, 2017
Union Bank (NSE Cash)
BUY
` 146
` 151 - 153
` 165
14 -21 sessions
Daily Chart
Source: Falcon (Time: 09:35 IST)
Justification:
Along with other PSU banking stocks, Union Bank too has corrected sharply in last one month. However, post the recent
correction, the prices are trading neat its long term support of ‘200 SMA’ on the daily chart, which also coincides with the ’89
EMA’ and the ‘200 SMA’ on the weekly chart. Also, since the month of March 2017, the price range of `147-150 has acted as a
strong support during corrective moves. The ‘Stochastic’ oscillator, which measures the stock momentum, has given a positive
crossover from the oversold territory. Considering the above mentioned technical evidences; we are expecting a pullback move
in the stock in near term. Hence, we advise traders to buy this stock at current levels and on declines at `151 for a target
of `165 over the next 14- 21 sessions. The stop loss should be fixed at `146.
Ruchit Jain
022-3935 7600 Extn: 6554
1
June 15, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
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