Business Daily from THE HINDU group of publications
Tuesday, May 06, 2008
ePaper | Mobile/PDA Version | Audio
News
Features
Stocks
Cross Currency
Shipping
Archives
Google

Group Sites

 Home Page - Stocks
Markets - Recommendation
Get Latest BSE Quote
Union Bank of India (Rs 168.75): Buy


We recommend a buy in Union Bank of India from a short-term perspective. From the charts of Union Bank of India, we see that the stock was on a medium-term down trend from Rs 230 to Rs 130 (between early January and mid March 2008).

However, the stock is in a steady up-move since this trough. During this up move, the stock penetrated the 21 and 50-day moving averages and it has been forming higher peaks and higher bottoms. The daily momentum indicator is on the verge of entering the bullish region. Besides the daily moving average convergence and divergence has entered the positive zone indicating bullishness.

Our short-term outlook for the stock is bullish. We anticipate the stock’s medium-term uptrend to continue to our price target of Rs 191 in the upcoming sessions. Investor with short-term perspective can buy the stock, while keeping the stop-loss at Rs 159 level.

Yoganand D

Related Stories:
Union Bank’s new biz premium
Union Bank imparting special training to officers
Union Bank sees lower credit growth this fiscal
Union Bank ties up with IDBI Capital to offer online trading

More Stories on : Stocks | Recommendation | Public Sector Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Clasic Hiring

Stories in this Section
MCX turnover dips 55% on Chidambaram ban comment

Murugappa group plans Rs 1,300-cr capital spend
Wheat prices may gain after arrivals get over
Westerlies douse searing heat in North India
‘Smaller cities may capture 2-3 m IT/BPO jobs by 2018’
Firm crude prices lift India Glycols
Whirlpool tying up with retailers for easier credit facilities
Two-thirds of BSE-listed cos yet to declare results
Patel’s move to expand overseas
Asset base of mutual funds improves 7.32% in April
Why India has been exporting diesel, and importing it too
India plans electricity network in South Asia
Union Bank of India (Rs 168.75): Buy
Day Trading Guide
Input cost vs price line hits JSW Steel
Chilli prices up Rs 10/kg; short-term scarcity seen
Public sector insurers wary of SBI’s general insurance biz plans
Geojit to exit commodity business to clear hurdles for BNP takeover
Equity linked tax savings schemes witness huge investment
IPO scam: Apellate tribunal sets aside SEBI order on Karvy
India’s ‘external’ economic strength


Smartbuy
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line