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Investors with a short-term perspective can consider selling the stock of Jet Airways India at current levels. On Thursday, the stock plummeted 8.6 per cent with above average volume, breaching a key immediate support level of ₹575 decisively. Moreover, the stock has also breached its 21- and 50-DMAs. With this fall the stock’s short-term uptrend that was in place since early June appears to be halted at the recent high of ₹645.
The stock is in a near-term downtrend now. The daily relative strength index has entered the bearish zone from the neutral region and the weekly RSI has entered the neutral region from the bullish zone. The the daily price rate of change indicator has entered the negative territory implying selling interest.
The near-term view is bearish for the stock. It can continue its decline and reach the price targets of ₹540 and ₹528 levels. The stock can pause around ₹540 levels for a while before resuming its downtrend. Traders can sell the stock with a higher stop-loss at ₹572 levels.
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