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The stock of Union Bank of India has been declining since the beginning of this month, losing nearly 8 per cent so far in May. On Friday, it marked a low of ₹137.6 before closing the session higher at ₹142.
The chart shows that the stock price of Union Bank of India has largely been oscillating between ₹140 and ₹160 for over two months. Notably, during this period, the stock has rebounded thrice off ₹140.
So, the probability of a rally from here is high. If not to the range top of ₹160, we expect the price to hit ₹150 this week. Go long now at ₹142 and accumulate at ₹138. Place stop-loss at ₹135. When the stock touches ₹146, tighten the stop-loss to ₹142. Exit at ₹150.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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