In recent up move, unitech could not cross 100, ie. because there are enough sellers waiting to sell their holdings near 100 level. In order for this trade to workout, unitech needs to reach above 107.1 otherwise, it is a loosing trade.
From today's price of 91+ of Unitech, it has to make 20% move on upside to give u some hope of profit. Probabilty of that happening are less.
So better to cut the loss and find other profitable opportunity.
Basic rule of option buying - Buy the strike of support level. Sell the strike of resistance level.
Unfortunately, novice traders do the opposite and give easy money to smart option trader who understands the basic.
Can u imagin the smille on the face of person who sold u option at 7.10 Rs. which is already going at 4.40 now.
Happy Trading
