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Unitech underwent an extremely volatile trading week as both the bulls and the bears fought for supremacy around the key support band between Rs 150 and Rs 160. A long-term trough is possible at this juncture.

However, it would be best to maintain a stop-loss at Rs 145 for all trading long positions since the next support level for the stock is way below at Rs 113.

The short-term trading pattern in the chart does not inspire confidence since it appears to be a running correction which can be followed by another steep move lower.

Short-term resistances for the stock would be at Rs 213 and then Rs 230.

Fresh long positions should be initiated only on a close above the second resistance.

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