Union Bank of India Ltd. CMP - Rs 287.45

Technical Outlook & Trading Strategy:-

The share price movement of Union Bank of India as registered a breakdown from its descending triangle pattern.

This is a bearish formation and the measuring implication of the pattern suggests that the price can decline to the levels of Rs 275 / Rs 270 in the short term.

We recommend traders to sell 50% now and again at Rs 291 - Rs 293 with a stop loss placed above Rs 297.10 levels.

Arvind Ltd. CMP—Rs 90.40

Technical Outlook & Trading Strategy:-

The share price of Arvind had been consolidating sideways in the narrow range Rs 84 - Rs 89 levels since the past few sessions.

With the smart gains in today’s session the price now has given a break-out above this consolidation rangewith an increase in trading volumes.

We believe that these breakouts augur well for the stock price and could propel it to levels of Rs 94 – Rs 95 / Rs 98 in near future.

We recommend buy at current levels and again on pullback to the levels of Rs 89.20 – Rs 88.70 with a stop loss placed below Rs 86.80 levels.