Stocks to Buy - Union Bank of India (UBI) Share Price Target and Analysis

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Overview

The Bajaj Broking Research Desk under their Alpha Trade category has recommended Union Bank of India (UBI) as a strong investment opportunity. UBI share price as of 11:40 AM was trending at Rs. 139.99 and the Bajaj Broking Research Team has identified a target price of Rs. 152. This recommendation is based on a detailed technical analysis and the stock's recent performance.

Technical Breakout

Current Status: Union Bank of India has shown a structural turnaround with buying demand emerging from the key long-term support area around Rs. 130, which aligns with the 200-day EMA and a rising demand line.

Recent Performance: The stock has witnessed corrective consolidation in the last quarter after a strong outperformance in CY23. It is now showing signs of resuming its upward movement.

Target Price: The stock is expected to reach the Rs. 152 level in the coming month, representing a 50% retracement of the preceding decline from Rs. 172 to Rs. 133.

Key Numbers

  • Recommended Range: Rs. 135.00 - Rs. 138.50
  • Target Price: Rs. 152
  • Stop Loss: Rs. 128
  • Potential Upside: 11%
  • Duration: 35 Days

Explore: Union Bank Of India Share Price

Breakout Analysis

Breakout from Key Support: The buying demand from the 200-day EMA and the key trendline support offers a fresh entry opportunity with a favourable risk-reward setup.

Stochastic Indicator: The daily stochastic is rebounding from the oversold territory, supporting a positive bias.

Expected Movement: The stock is projected to head towards the Rs. 152 level in the coming month, benefiting from strong technical indicators.

Key Takeaways

Union Bank of India presents a solid investment opportunity with promising technical breakouts and financial performance. With a strong market position and a clear upward trend, it is one of the compelling stocks to buy. This recommendation comes from our Alpha Trade category, which has consistently delivered high performance.

Alpha Trade Performance

The Bajaj Broking research team has a strong track record under the Alpha Trade category. Here is a summary of our performance:

  • Total Calls: 21
  • Open: 4
  • Closed at Cost: 0
  • Positive: 16
  • Strike Rate: 94%
  • Average Return: 9%

Conclusionh2

Union Bank of India is recommended as one of the stocks to buy based on its recent breakout and strong technical indicators. This stock is well-positioned for growth, making it a prudent addition to your portfolio.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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