Business Daily from THE HINDU group of publications
Monday, Mar 23, 2009
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Business Daily from THE HINDU group of publications Monday, Mar 23, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Stocks Markets - Recommendation
We recommend a sell in Jet Airways from a short-term trading perspective. It is apparent from the charts of Jet Airways that after recording a 52-low at Rs 115 on March 12, the stock bounced up. It gained almost 65 per cent in a short span of five trading session and encountered resistance in the band between Rs 180 to Rs 190. At this resistance, the stock formed a shooting star candlestick pattern, which is a top reversal pattern. However, subsequently, it resumed its medium as well as long-term down trend. On March 20, the stock plummeted by 10 per cent confirming the reversal pattern. The daily relative strength index has entered into the neutral region from the bullish zone signalling loss of bullish momentum. We are bearish on the stock from a short-term perspective. We expect it to decline further until it hits our price target of Rs 144 in the approaching sessions. Traders with short-term perspective can sell the stock while maintaining a stop-loss at Rs 168. Yoganand D.
Jet announces New Year offers Jet Air, Malaysia Air sign code sharing pact Jet Airways loss doubles on high fuel costs, lower loads More Stories on : Stocks | Recommendation | Airlines | Jet Airways (India) Ltd
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