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Investors with a short-term perspective can consider buying the stock of Union Bank of India at current levels. Since taking support at ₹105 in May 2016, the stock has been on an intermediate-term uptrend. The stock took support at ₹125 in late December and resumed its intermediate-term uptrend. It has been on a medium-term uptrend since late December.
On Friday, the stock jumped 7 per cent with above average volume breaking above the key resistance at ₹167. Short-term trend is also up for the stock. It trades well above its 21- and 50-DMAs. The daily relative strength index has entered the bullish zone from the neutral region. The weekly RSI has also entered the bullish zone from the neutral region. Both the daily and weekly price rate of change indicators are featuring in the positive territory indicating buying interest. The short-term outlook is bullish. The stock can extend its uptrend and reach the price target of ₹178 and ₹182 in the forthcoming sessions. Traders with a short-term horizon can buy the stock with a fixed stop-loss at ₹167.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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