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Shares of Jet Airways (India) Ltd fell as much as 5.8 per cent to Rs 304, extending losses to a second straight session
Conglomerate Tata Sons Ltd to go slow on deal to buy Jet Airways after some directors expressed reservations at an inconclusive board meeting last Friday.
The stock has strong support near Rs 301.85, the 61.8 per cent Fibonacci projection level of the uptrend from October 1 low to November 6 high (wave 1)
The stock's wave pattern suggested that it is still in the third wave of the five-wave uptrend that started from October 1 low, and therefore, may break above the November 16 high in the near-term. MACD is positive and above its signal line
The rise in stock's volume in last one week is seen favourable for the stock, the five-day average volume is more than double the 30-day average
The Jet Airways shares had lost 61.2 per cnet this year as of last close
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