Aditya Birla Money is bullish on Jet Airways and has recommended buy rating on the stock with a target of Rs 500 in its May 16, 2011 research report.
"Jet Airways has been trading mixed within a rising channel and gradually gaining ground over the last few months. Currently prices are consolidating above the 18-day EMA having rallied sharply from the recent low of Rs 436. Oscillators RSI (14) and Stochastic (14/3/3) are moving flat near the equilibrium on daily charts but are rising up from the oversold territory on the weekly charts. Hence prevailing mixed tone is likely to extend and prices could test the resistance near Rs 500 and then the higher end of the said rising channel near Rs 520 in the forthcoming trading sessions."
"On the downside, prices find immediate support near Rs 463 and then Rs 450. Only an early pull back towards the latter could keep the prices subdued for a while delaying the expected gains. Buy Jet Airways above Rs 475 for a target of Rs 500/520 while keeping a closing stop loss below Rs 460," says Aditya Birla Money research report.
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