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Unitech took a breather last week, as anticipated in our previous column. The harami candlestick pattern in the weekly chart reflects this indecisive mood. Short-term traders can hold their trading longs with a stop at Rs 275. A decline below this support will negate the bullish short-term outlook. The resistances in the week ahead would be at Rs 340 and then Rs 367.

We maintain a neutral view for the medium-term as long as the stock holds above Rs 240. Continued weakness next week could herald a sideways move between Rs 250 and 350 over the medium-term. The band between Rs 220 and 260 would be a good juncture at which long-term investors can accumulate the stock.

— Lokeshwarri S.K.

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