August 13, 2015
Union Bank (NSE Cash)
SELL
` 210
` 200 - 202
` 181
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 10:05 IST)
Justification:
Post the sharp rally from ` 150.80 to ` 215.95, the stock is taking resistance of the 76.40% Fibonacci
retracement level of the entire fall from ` 243.26 to ` 124.51. It should be noted that the up move was too
strident and generally a ‘V’ shape rally fizzles soon due to profit booking. The ‘RSI - smoothened’ oscillator
also turned southwards from the overbought territory and in verge of giving negative crossover with its
average in the daily chart, indicating reversal on cards. Considering above technical evidences, we advise
traders to sell this stock from current level to a rise up to ` 202 for a target of ` 181 in coming 14 to 21
trading sessions. The stop loss for this trade set up can be kept at ` 181.
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August 13, 2015
Last 6 recommendations
Date
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Target 1
Target 2
Stop-loss
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317 - 315
318
340
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304
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10-08-15
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540 - 545
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506
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560
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05-08-15
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422 - 425
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396
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438
Target Achieved
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570 - 566
578
600
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700 - 696
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748
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674
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617
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Source: Angel Research
*Dividend Adjusted of Rs 2
Research Team Tel: 022 - 30940000(Extn: 6552) Website: www.angelbroking.com Email: [email protected]
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