November 20, 2015
Union Bank (NSE Cash)
SELL
` 168.50
` 160.50 - 162
` 146
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time:
10:20 IST)
Justification:
Post the sharp correction from ` 188.60 to ` 153.80, the stock has started moving higher. But, the up move
got capped around the 38.20% retracement levels of the mentioned fall. The ongoing movement of last twelve
trading session has resulted into formation of a ‘Bearish Flag’ pattern in the daily chart. On Wednesday, we
witnessed a breakdown from the mentioned pattern, which indicates continuation of the prior trend (down
move) should be there. Since the momentum oscillator and moving averages are placed negatively, we are
expecting the resumption of the down move in the counter. Thus, we advise traders to sell this stock at current
levels and on rise to ` 162 for a target of ` 146 in coming 14 to 21 trading sessions. The stop loss for this
trade set up can be kept at ` 168.50.
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November 20, 2015
Last 5 recommendations
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Source: Angel Research
Research Team Tel: 022 - 30940000(Extn: 6552) Website: www.angelbroking.com Email: [email protected]
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