Amit Harchekar of APlus Analytics recommends shorting Union Bank of India as the stock may head lower.
Amit Harchekar of APlus Analytics told CNBC-TV18, " Union Bank of India on the medium-term charts has already given a breakdown from a bearish triangle and amplitude of the triangle is projecting a target close to Rs 180-185 on the lower side. So, we believe that the stock is very well poised for a decline in the coming days and since there are also signs of long unwinding pressure at these levels, we recommend going short at these levels with a stoploss of Rs 222. We can easily expect the stock to trade below Rs 190 in the coming days."
At 14:23 hrs Union Bank of India was quoting at Rs 211.70, down Rs 0.65, or 0.31 percent. It has touched an intraday high of Rs 213.75 and an intraday low of Rs 204.15.
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