Market Watch

Wednesday 3 April 2013

Best Stock Recommendation & Technical View


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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