Stock Picks - Buy City Union Bank Ltd For Target Rs. 196 - ICICI Direct
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Technical Observations
* The stock has registered a breakout above the bullish rounding formation of the last five months signalling resumption of up move and offers fresh entry opportunity
* We expect the stock to maintain positive bias and head higher towards | 196 levels in the coming sessions as it is the 138.2% external retracement of May-August decline (| 180-143)
* The stock has immediate support at | 171 levels as it is the 61.8% retracement of current up move (| 163-184)
* The breakout above the three months range is supported by strong volume of four times the 200 days average volume of 26 lakhs share per week highlighting larger participation in the direction of trend
* The weekly MACD is seen sustaining above its nine periods average thus validates positive bias in the stock
Buy City Union Bank Ltd @ 178.00-182.00 TGT 196 SL 171
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