Union Bank of India on a daily chart stock price is
trading above 20 DMA & 50 DMA, indicate stock is well placed above the
support level. On a daily chart stock has formed the ascending triangle pattern
and its closed near the breakout, any trade above Rs. 154 level stock price can
rally more than 30 percent, indicate rally will continue towards north. Momentum
oscillator MACD on a daily chart is on the verge of positive breakout, which add
more bullishness for the stock price.
If one were to go by the
volume data, a higher upswing is seen on the stock price. Trader or investor
can accumulate above Rs. 154 for the target of Rs. 177/185 levels, with
Rs.143 stop loss on closing basis.
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