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Unitech tumbled 9 per cent lower last week and is currently poised at the key long-term support at Rs 200. As mentioned last week, decline below this level can pull the stock towards Rs 160 that was the trough formed in April 2007.

The near-term trend in the stock continues to be down despite the mild halt witnessed towards the end of last week. Daily momentum indicators are in the oversold region, but in a prolonged down-trend, these oscillators can stay in that zone for months. Resistances for the week would be available at Rs 230 and then Rs 250. Reversal from either of these levels would be a cue for short-term traders to initiate fresh short positions.

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