Stock Recommendation:
CapitalHeight’s stock
recommendation for 03/04/2013 is Union
Bank of India. Union Bank has been trading in down trend from last many
trading sessions and took support around 205. It showed some buying movement in
three trading sessions. In today’s trading session, it was up by 6.65%. On
daily chart, it made a long white candlestick and closed above 200 DMA, which
indicates further upside movement in the stock. Momentum indicator RSI has also
given positive crossover. All the indicators are suggesting that we can see
some upside movement in the stock. Its next resistance level is around 239. One
can go for long position in Union Bank above 234.50. The stock may test level
of 248 in near term.
Technical View:
NIFTY TREND:
CONSOLIDATE
NIFTY SPOT LEVELS
SUPP 1: 5650 ; SUPP
2: 5585
RES 1: 5760 ; RES
2: 5835
BANK NIFTY TREND: CONSOLIDATE
BANK NIFTY FUTURE LEVELS
SUPP 1: 11260 ; SUPP 2: 10980
RES 1: 11720 ; RES 2: 11870
Our recommendation
on Union Bank is BUY above
234.50 for the Target of 237/241.
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