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Unitech declined with the rest of the market to an intra-week trough at Rs 80.

As indicated earlier, there is a confluence of supports between Rs 62 and Rs 96 where the stock can form a significant trough. These levels are Rs 96, Rs 78 and then Rs 62.

Though the stock has not reversed yet, it can form a trough at either of these levels.

There is however no support on the chart below Rs 63 and there can be a free-fall below that level.

The supports for the week ahead are at Rs 78 and then at Rs 63.

Resistances for the week would be at Rs 100 and then Rs 115.

Fresh shorts can be initiated on a failure to move beyond the first resistance.

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