Union Bank of India

Cup Breakout + Banking Momentum Expansion 🔥 Timeframe: Daily CMP: ₹187 Breakout Level: ₹182–184 zone Projected Move: ~₹200–205 (≈9–10%) This is a clean cup structure breakout after prior impulsive rally. 🔹 Structure Context Before the cup formed: Strong impulse from ₹150 → ₹185 Healthy pullback to ₹165–168 Rounded base formation Breakout above ₹182 resistance This is a continuation pattern, not a bottom reversal like Rallis. That’s important — continuation patterns usually resolve faster. 🔹 Pattern Math Cup Depth: ₹184 – ₹166 ≈ ₹18 Measured Move: ₹184 + ₹18 ≈ ₹202 Your projection around ₹200 aligns perfectly. 🔹 Momentum Character Breakout candle: ✔ Strong body ✔ Close near high ✔ Clean level clearance ✔ No upper rejection This suggests: Institutional participation Banking strength participation 🔹 Elliott Interpretation Wave 1: ₹150 → ₹185 Wave 2: ₹185 → ₹166 (rounded correction) Wave 3: Initiating now If this is Wave 3: Should expand toward ₹200+ quickly Pullbacks should be shallow ₹182 must hold 🔹 Key Levels Immediate Support: ₹182–184 Secondary Support: ₹176 Structure Failure: Close below ₹170 As long as price holds above ₹182, structure remains bullish. 🔹 Sector Context PSU banks move in clusters. If Bank index momentum sustains: This could extend beyond ₹200 toward ₹210–215. If banking cools: Expect ₹200 tag and consolidation.