The Hindu Business Line : Unitech

Unitech held resolutely above Rs 150 and moved in a narrow range as indicated in our last column. The short-term view for this stock is negative but traders should wait for a decline below Rs 150 before initiating fresh shorts on this counter.

A re-test of the Rs 135 trough would become imminent on a breach of Rs 150.

Short-term resistances would be at Rs 172 and then Rs 176. A conclusive move beyond Rs 176 is needed to reverse the short-term outlook.

We retain a neutral view on Unitech as far as the medium-term in concerned.

A long-term trough could be in place at Rs 135 and the stock could move between Rs 130 and Rs 200 for a few more months before moving higher.

Lokeshwarri S.K.

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