Short Unitech around Rs 38.20; target Rs 34.30: Bothra

One can go short in Unitech at around Rs 38.20-38.25 with a stop loss of Rs 40 for the target of Rs 34.30, says Kunal Bothra of LKP.

Bothra told CNBC-TV18, "Unitech, I think two days back when the stock touched Rs 34 level, Rs 33.75-33.80 levels that is where it has taken a good bounce. So, my sense is that, this bounce would last for a couple of days. I would rather look at going short on Unitech at levels of Rs 38.20 or Rs 38.25. That range of five paise could be a good level to go short." He further added, "There is a relative strength index (RSI) divergence which is happening, volumes are tipping off at this point, last two days volumes have been somewhat lower on the rises. So, my sense is very close to Rs 38-38.50, one would get a sort of a short-term climax in the stock. One can look at a target of close to Rs 34.30 which is the previous low keeping a stop loss of Rs 40 on Unitech."