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Unitech moved in a very narrow range between Rs 155 and Rs 175 for yet another week.

The small spinning top in the weekly candlestick chart signifies that the strong down trend continues to be in force though bulls are fighting to protect the key support at Rs 160.

As we have been reiterating, a reversal from the long-term support band between Rs 145 and Rs 165 can take the stock higher towards Rs 300 in the medium-term.

Conversely, a decline below this zone will drag the stock to Rs 113.

In the near term, since a three-wave move is complete, Unitech can decline to re-test the recent trough at Rs 147.

Resistances would be at Rs 178 and then Rs 188.

— Lokeshwarri S. K.

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Play defensive in a volatile market

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