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It was a disappointing show by Unitech last week; moving lower to penetrate our short-term support at Rs 270. This move suggests that the third minor of the short-term down move from the Rs 338 peak is currently unfolding. This wave can take Unitech lower to Rs 251 and then Rs 225. However, short positions can be opened only if the stock moves below Rs 260. The resistances for the week would be at Rs 280 and Rs 297.

The medium-term picture has turned iffy after last week’s move. The optimistic scenario would be a reversal from the support at Rs 245 again and a move higher towards Rs 350. But it is highly likely that the stock seeks the next long-term support at Rs 217.

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