Stock market analyst Hitendra Vasudeo of stockmechanics.com has suggested investors to 'Sell' Jet Airways in order to avoid loss, as there are full chances of a downward trend in this stock.

According to Mr. Vasudeo, investors can sell the stock between Rs 228.70-Rs 240.30. The stop loss marked for the suggested stock is Rs 245.

Today (June 19), the stock opened at Rs 228 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 567 and a low of Rs 115.25 on BSE.

It is clear from the charts that the company’s stock was on an intermediate-term up-trend between early March and early June, from Rs 115 to Rs 363. Around Rs 360, the stock found resistance and turned direction.

Besides this trend reversal was actuated by the negative divergence exhibited in the daily relative strength index (RSI). The stock fell 12% on June 8. Since then, Jet Airways has been on a short-term downswing. It finally came through the up-trendline by losing 9% on June 17.

Mr. Vasudeo also said that after selling the stock in today’s session, the interested investors can buy the stock again on low prices.

Jet Airways has increased fuel surcharge on tickets by Rs 400 across both long and short haul domestic routes from June 17.

The airline hiked the prices a day after state-owned oil companies hiked jet fuel costs by over 12% from June 16.