Buy Jet Airways; target of Rs 494: IIFL

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Buy Jet Airways; target of Rs 494: IIFL

IIFL is bullish on Jet Airways and has recommended buy rating on the stock with a target of Rs 494 in its April 20, 2011 research report.

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IIFL is bullish on Jet Airways and has recommended buy rating on the stock with a target of Rs 494 in its April 20, 2011 research report.

"Jet Airways has been consolidating since last couple of weeks taking a shape of a 'Multiple Rounding Saucer' which is a bullish pattern and as long stock sustains above the levels of Rs 475, the trend remains extremely positive. As stock has already seen correction more than 50% from the peak levels of Rs 925, even a 23.6% retracement of the entire decline projects conservative target of Rs 518. The daily MACD has crossed above the reference line, thus supporting our buying argument in the counter. We advise buying stock in the range of Rs 477-479 with stop loss of Rs 471.5 for target of Rs 494.(Duration 7 days)," says IIFL research report.

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