Union Bank of India

Date, 17 Dec 2014: Union Bank of India (BSE 532477, NSE UNIONBANK) has shown remarkable strength over last few weeks, often becoming the first banking stock to go into green while the entire market is in red. Despite Nifty correction of 600 points (7%), Union Bank has held its levels and bounced back rapidly from all corrections. This is a very positive sign, and indicates that strong buying/ accumulation is happening from large investors, and we can see 240-250 level in the next rally. Investors in Indian stock market can buy Union Bank on all corrections and hold for at least 242 by Feb 2015, which will be about 13% gain on today’s close of Rs 215. Union Bank of India is among our top picks in the Indian stock market for the year 2015, with a reliable upside target of 273, which will give 26% gain from current level of 215. Therefore, investors can buy Union Bank at current level and all prices below 200 for good gains in year 2015.