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Unitech plunged below our short-term support at Rs 150 to record new lows for 2008 at Rs 112.5. The decline and weekly close below Rs 135 is ominous.

Subsequent supports on the long-term charts are the series of troughs formed in 2006 at Rs 96, Rs 78 and then at Rs 62. Fall below Rs 100 will be a psychological blow to the investors.

A close above Rs 150 will redeem this bleak outlook to some extent.

Near-term resistances for the stock are at Rs 136 and then Rs 150. Support would be at Rs 112 and then Rs 98. Fresh trading longs are advised only above Rs 150. Investors should wait for firm confirmation of a bottom before adding to their holdings.

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