Sizzling Stocks - Jet Airways (Rs 253.1)



The stock has been in doldrums since it reversed downwards from its significant resistance level of Rs 500 in mid July this year. It appears to have resumed its intermediate-term downtrend that has been in place from its November 2010 peak of Rs 926. The stock's downtrend accelerated further and it nose-dived almost 15 per cent last week.

As the stock has declined steeply in recent times and is testing key support at around Rs 250 and its daily and weekly indicators are featuring in the oversold territory, we cannot rule out a corrective rally to Rs 300 in the short-term. Next resistances are at Rs 350 and Rs 400. An emphatic break through of Rs 250 can drag the stock down to Rs 200 or even to Rs 150 in the medium-term.

Reliance Capital (Rs 344.2)

Reliance Capital plummeted almost 11 per cent last week, decisively breaking out of its immediate support level at Rs 390. This decline has reinforced the stock's long-term downtrend that has been in place since early 2008. Both medium and short-term trend are down for the stock. In the medium-term, the stock can prolong its downtrend and test its long-term support level (March 2009 low) at Rs 274. However, a strong up move above Rs 390 can push the stock higher to Rs 480 and then to Rs 550 levels.

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