Shares of Jet Airways (India) Ltd fell as much as 2.8 per cent to Rs 284.20, their lowest in over a week.
India's biggest full-service airline had said on Wednesday it would discuss ways to cut costs and turn its business around during its board meeting on Monday. The company had said last week that it was evaluating funding options to meet its liquidity requirements.
Jet Airways may retest a support at Rs 265.15, the 161.8 per cent Fibonacci projection level of the down trend from February 14 high to April 2 low (wave 1). The stock is on a downtrend with its falling 20-day exponential moving average acting as a resistance. Until now there are no signs of any bottom formation.
Relative strength index shows resistance near the 50 level and MACD is still negative, both bearish for the shares. The Jet Airways stock had fallen 64.5 per cent this year as of last close.