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Unitech could not get past the resistance at Rs 180 indicated last week; reversing from an intra week peak at Rs 189. A three-wave move appears to have been completed at this peak.

The stock could now decline towards Rs 168 or Rs 155 in the near-term. If the first support is not penetrated, it will be a sigh of strength and would imply an imminent move towards Rs 210 or Rs 245.

Conversely, the near-term view will turn negative on a close below the second support.

Traders can play buy in declines as long as the stock holds above Rs 155. Investors can utilise decline to the zone between Rs 135 and Rs 150 to accumulate the stock.

— Lokeshwarri S. K.

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