Union Bank of India -Sell between CMP to 235 ; Targets : 200 - 170 :: HDFC Securities

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-->Observation
 The stock is showing negative bias for the short term and
forming a “Flat Pattern” in larger degree.
 Price has completed “wave e” of major “wave B” at 245 levels
which is “a-c” trendline resistance.
 Earlier major “wave A” has ended at 181 levels at 138.2%
projection level of its internal waves; from there price has
started to retrace the falling leg (wave A) and it has retraced
more than 61.8% (around 80%) which is required for “Flat
Pattern”, finally “wave B” has ended at 245 level. Now price is
in progress of major “wave C”, generally “wave C” could test
61.8% (200) & 100% (170) projection level “wave A&B”.
 Traders could sell the stock between CMP to 235 with the
stoploss of 245 on closing basis for the targets of 200 - 170.

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010632