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The stock of Union Bank of India, which was in a downtrend between November and June, has turned and the short-term trend is bullish. The latest rally began around ₹34 last month. On Wednesday, , it breached a resistance at ₹40, which confirmed a double-bottom pattern.
While the pattern indicates a target of ₹46, there are resistances at ₹42.50 and ₹44. Nonetheless, this stock can be considered for intraday trades on Thursday. So, buy with a stop-loss at ₹40 for a target of ₹42.50. If the stock opens the session below ₹40, do not trade. If it opens with a gap-up, wait for a dip to ₹41 and then buy.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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