Investors with a short-term perspective can sell the stock of Jet Airways (India) at current levels.
On Monday, the stock tumbled 4.7 per cent with good volume, reinforcing the short-term downtrend. Since encountering a key resistance at ₹350 in late November 2018, the stock has been on a medium-term downtrend. Moreover, it has been on a short-term downtrend since mid-January this year. While trending down, the stock decisively breached its 21- and 50-day moving averages in late January. Besides, the stock has declined breaking below a key support at around ₹230 recently, strengthening the downtrend.
Tamil Podcast: Jet Airways
The daily relative strength index features in the bearish zone and the weekly RSI has entered this zone from the neutral region. Also, both the daily and weekly price rate of change indicators hover in the negative territory implying selling interest.
Overall, the short-term outlook is bearish for the stock of Jet Airways (India). It can extend the downtrend and reach the price targets of ₹206 and ₹200 in the coming trading sessions. Traders with a short-term view can sell the stock with a stop-loss at ₹219.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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