July 04, 2016
Jet Airways (NSE Cash)
BUY
` 538
` 563 - 559
` 605
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 14:25 IST)
Justification:
In recent past, the prices have shown corrective move from `670 to `608. On broader degree charts, the stock
is in an uptrend and the correction seems to a corrective move within an uptrend. On 24th June, prices had
formed a ‘Hammer’ candlestick pattern on daily charts which is a trend reversal pattern. Further, the stock has
entered a ‘Bullish Time Zone’ as per ‘Fibonacci Time Series’. Also, the ‘RSI Smoothened’ oscillator has given a
positive crossover from its oversold zone. Considering the above technical evidences, we are expecting an
upmove in the stock in near term. Thus, traders are advised to buy the stock at current levels and on
declines upto `559 for a target of `605. The stop loss for the trade set-up can be kept at `538.
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July 04, 2016
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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