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Unitech soared higher to an intra week peak at Rs 178 last week. This recovery from the key support band between Rs 145 and Rs 160 implies that the stock is attempting to stabilize itself and that a long-term trough could be in place at Rs 135. However, we need the formation of a higher bottom to confirm this. A medium term reversal from here would have the minimum target at Rs 260. Investors can buy the stock in declines with a stop at Rs 130.

For the short-term, Unitech can move sideways in the zone between Rs 150 and Rs 180. Near term view will stay positive as long as Rs 150 holds. Rally beyond Rs 180 will take Unitech to Rs 188 or Rs 205.

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