Union Bank Dips Nearly 4% as PSU Banks See Red — ₹117 Mark in Focus

Shares of Union Bank of India Ltd (NSE: UNIONBANK) slipped 3.92% in early trade on April 7, falling to ₹117.32 from the previous close of ₹122.11. The public sector lender saw a loss of ₹4.79 as of 10:53 AM IST, contributing to the broader selloff witnessed across the PSU banking pack.

Despite early morning volatility, the chart shows a mild recovery attempt from intraday lows near ₹114.50, but sentiment remains cautious. The slide comes amid muted cues from global markets and concerns around inflation prints and monetary tightening.

PSU banks had recently been on a strong uptrend thanks to robust quarterly numbers and declining NPAs, but today’s pullback may reflect profit booking or a reaction to macro jitters.

Investors will be watching closely to see if Union Bank can hold above key technical levels around ₹116-₹117, which have acted as both support and resistance zones in recent sessions.