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This stock reversed higher from an intra-week low at Rs 270 after fleetingly testing our key short-term support at Rs 275.

The bullish hammer in the weekly candlestick chart and the 10-week rate of change oscillator moving above the zero line are positive from a medium term perspective. The third leg of the move from March 24 trough has the targets of Rs 327 and then Rs 363 over the medium term.

These targets are achievable as long as the stock holds above Rs 270.

Unitech would however face resistance at Rs 297 and Rs 313 in the week ahead. Failure to move past the first target can usher in a move between Rs 270 and Rs 300 for a few sessions.

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