Rahul Mohindar, Director of viratechindia.com told CNBC-TV18, "In Union Bank of India I think today is definitely a breakout, not just pricewise. We can see it in the volume, very big volumes, which have come in on the stock. What is really important is the fact that Rs 240, which over the last two or three months was not really being concurred convincingly on a close basis."
He further added, "We are looking at about Rs 280 which is its next resistance and again Rs 280 is a level, which hasn’t again been crossed over a year odd. I think that’s going to be a very important ballpark for Union Bank. But I think what we are reading is some kind of a biggish breakout. The question is can we even challenge Rs 280, I think that’s the direction I am thinking, so, certainly positive on it. I would look at buying into it with a stop loss below Rs 240."Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
