Looking at the weekly chart, Jet Airways has been in a protracted downtrend since the past several months and lost more than sixty percent from its January 2018 high. Off late, the stock formed a strong base near 300 levels and rebound sharply.
Looking at the lower degree chart, we believe that the stock has made the short-term bottom and is likely to rally in coming trading sessions.
On a weekly chart, the stock formed a Bullish Harami pattern and yesterday it surpassed the pattern high which triggered fresh buying interest.
The momentum oscillators on the weekly chart are into deep oversold zone hence we expect a decent bounce in coming trading session.
Thus, we recommend traders to buy this stock in a range of Rs 325 to Rs 320 zones with a price target of Rs 370. Stop loss should be placed at Rs 300 on a closing basis.
Disclaimer: The author Head of Technical Research, Way2Wealth Brokers Pvt. Ltd. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Aug 3, 2018 12:01 pm