Union Bk, Jubilant FoodWorks must have stocks for your portfolio. Check why

Union Bank stock has been forming a 'Higher Top Higher Bottom' structure and has been a relative outperformer within the PSU Banking space in last couple of weeks, says Ruchit Jain of MOFSL.

Buy Union Bank of India | CMP 131 | SL 126 | TGT 140 

The Union Bank stock has been forming a ‘Higher Top Higher Bottom’ structure and has been a relative outperformer within the PSU Banking space in last couple of weeks. The overall PSU banking stocks have witnessed a positive momentum as the index has given a breakout from its consolidation. Hence, we expect the uptrend to continue in Union Bank in the short term.

 

Buy Manappuram Finance | CMP 234 | SL 229 | TGT 242 

The Manappuram Finance stock has recently given a breakout from a bullish ‘Cup and Handle’ pattern on the monthly chart. The breakout has been supported by high volumes and hence we expect the stock to rally higher in near term. The RSI oscillator is also hinting at a positive momentum.  ALSO READ | Trading Strategy: Here's how to trade Nifty Bank on Friday, April 4

 

Buy Jubilant FoodWorks | CMP 692 | SL 675 | TGT 730 

Jubilant FoodWorks Stock Prices have given a breakout from its falling trendline resistance and the recent price upmove has seen a gradual rise in volumes indicating buying interest by market participants. The lower time frame chart also depicts a bullish flag pattern and hence we expect a continuation of the short term uptrend.  ALSO READ | 'Bull Call Spread' is your go-to strategy for Nifty50 today; here's why 

  (Disclaimer: Ruchit Jain is head of equity technical research, wealth management at Motilal Oswal Financial Services Ltd. Views expressed are his own.)