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Unitech declined to the key short-term support at Rs 156 on Friday.

As explained last week, reversal from this zone will imply that the move from the Rs 135 trough would resume to take the stock towards Rs 191 or Rs 212 again.

Conversely, a close below Rs 156 would pave the way for re-testing the Rs 135-trough. Traders can hold their longs with a stop at Rs 150.

The medium-term outlook is still positive but a decline below Rs 156 will imply an impending sideways move between Rs 130 and Rs 190 for a few more months.

Investors can make staggered purchases below Rs 150.

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