Union Bank gains 2.7%, support 164.80, resistance 180.75

Union Bank of India gained 2.70% to Rs 172.99 on 7 October, with support at Rs 164.80 and resistance at Rs 180.75. Union Bank of India [

] gained 2.70% to Rs 172.99 on 7 October, among the top gainers in the Nifty PSU Bank index. The index rose about 0.85% while Nifty Bank swung between 55,636 and 56,340. The bank's Q2 FY27 provisional update showed gross advances up 18.53% to Rs 11.56 lakh crore. Deposits grew only 6.87% to Rs 13.19 lakh crore, while domestic CASA deposits rose 14.66%. The daily chart shows lower highs since the Rs 205 peak. Today's bounce came from the rising trendline drawn from early 2025, near Rs 165. The outlook is neutral to cautious. Support is Rs 164.80, close to the trendline. Resistance is Rs 180.75, the previous lower high, and should act as a strong supply zone. A close above Rs 180.75 would break the pattern of lower highs. A close below Rs 164.80 would break the trendline and weaken the structure. Volume near Rs 180.75 will be the key signal. A bounce on thin volume would lack conviction. Disclaimer: I do not hold any position in this stock. This is not a recommendation to buy or sell. Investments in securities markets are subject to market risks. Read all related documents carefully before investing.