UNIONBANK

Technical Analysis

The weekly chart of

shows a rejection from a crucial resistance zone near ₹160.18, a level that previously acted as a top in early 2024. After a strong uptrend from ₹110 to ₹160 in recent weeks, the stock faced selling pressure, closing at ₹146.24 with a bearish candle and increased volume, suggesting profit booking or supply pressure at resistance. This could lead to a short-term correction or consolidation. If ₹140–₹145 holds as support, the stock may retest the ₹160 level; however, a breakdown below this support zone could open downside toward ₹130–₹125. The long-term trend remains positive, but near-term caution is warranted.