May 24, 2017
Union Bank of India (NSE Cash)
BUY
` 152.80
` 160 - 161
` 176
14 - 21 sessions
Daily Chart
Source: Falcon (Time: 11:15 IST)
Justification:
The entire ‘PSU’ banking basket has undergone a massive price correction in last three weeks. Looking at the broader degree
chart structure, we believe that this corrective phase is most likely to get over soon. At present, ‘Union Bank’ is trading around
its strong multiple support zone as various Fibonacci ratios as well as technical indicators are converging around the 160 mark.
In addition, the extreme oversold condition of oscillators on hourly chart indicates a possible reversal in the counter. Hence,
we advice traders to buy this stock at current levels and on declines at `160 for a target of `176 over the next 14- 21
sessions. The stop loss should be fixed at `152.80.
Sameet Chavan
022-3935 7600 Extn: 6552
[email protected]
1
May 24, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
Website: www.angelbroking.com
Email: [email protected]
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