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Unitech made yet another attempt at getting past Rs 190 last Tuesday and reversed with a double top formation to decline to our first target at Rs 168.

A reversal from this support will imply a sideways move between Rs 168 and Rs 200 for a few weeks before the resumption of the up trend that can take the stock towards the medium term target at Rs 245.

Conversely, a decline below Rs 168 will pull the stock down to Rs 156.

Investors can utilise declines to accumulate the stock. Traders can watch out for buying opportunity as the stock reverses from the support at Rs 156.

Fresh longs should be avoided below this level.

Resistances for the week would be at Rs 180 and then Rs 191.

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