* On a weekly chart, the stock has confirmed “Hammer Candlestick” as well as it is trading above 633.90 level which is 50-Weekly Exponential Moving Average which indicates a reversal sign & the stock may see a northward movement in the counter.
* On a daily chart, the stock has given a breakout of its “Consolidation Phase” in which it was trading from seven day which suggest a robust upside movement.
* Moreover, the volume activity is also very appealing during the trading session which indicates an accentuated buying activity.
* A daily momentum indicator RSI reading is at 48.69 level with a positive crossover, as well as, RSI has given a breakout of downward sloping trend line which points out positive breath in the stock.
* Based on the above technical structure, we are expecting an upside movement in the counter in few trading sessions.
Buy Jet Airways Ltd Apr Fut @ 642.70 Up To 640 Stoploss 620 Target 685.
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