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Unitech is in a long-term correction since January 3. This correction has already eroded fifty per cent of the gains recorded since 2003. The stock could make a significant long-term trough at these levels. But a step lower could take Unitech to the next long-term support at Rs 220, which is expected to stem the current slide in stock prices.

The stock is trying to stabilise in the range between Rs 250 and Rs 300 since March 15. Fresh trading longs are advised only on a move above the ceiling of this range. Positive divergences in the daily oscillators imply that the stock could try to climb to Rs 290 again in the short-term. Near-term supports are at Rs 245 and then Rs 218.

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