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We recommend a sell in the stock of Jet Airways (India) from a short-term perspective. It is seen from the charts of the stock that from its November 2010 high of Rs 926, it has been on an intermediate-term downtrend.
Medium-term trend is also down for the stock since encountering resistance at around Rs 500 in July this year. Recently, the stock resumed its downtrend after encountering resistance at Rs 300.
On Monday, the stock tumbled 4.7 per cent reinforcing the bearish momentum. The stock is trading well below its 21- and 50-day moving averages. Both daily and weekly relative strength indices are featuring in the bearish zone.
Daily as well as weekly moving average convergence divergence indicators are hovering in bearish territory implying downward momentum.
We are bearish on the stock from a short-term perspective. We anticipate its decline to prolong until it reaches our price target of Rs 268 or Rs 260 in the approaching trading sessions. Traders with short-term horizon can consider selling the stock with stop-loss at Rs 284 levels.
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