Exit Unitech on rallies: Bhambwani

Exit Unitech on rallies: Bhambwani
2007-08-20 14:48:55

Technical Analyst, Vijay Bhambwani is of the view that one can exit
Unitech on rallies.

Bhambwani told CNBC-TV18, "Unitech has a double top resistance at Rs
600 unless it surpasses that level I would start feeling very jittery
because upsides will be laboured, they will run into overhead supply
from traders who over leveraged themselves on this counter. Support on
the other hand is at Rs 415, which is also coinciding with 52-week
simple moving average, which is almost a year of trade."

He furtehr added, "If you actually see the Rs 415 level being tested
or violated that's not good news, so you have a scenario where
critical support level is close to where the current market price is
and a resistance is far away which needs to be overcome for you to
signal a green flag ahead for this stock. So one would like to play a
cautious kind of a trading blueprint on stocks like these and attempt
to exit on rallies rather than either hold or switch into some other
counter in the same sector. I think this sector itself needs to be
reduced in trader's open book."