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The outlook for the stock of SpiceJet is bearish. The stock tumbled over 7 per cent on Monday breaking below a key support level of ₹75. Monday’s sharp fall has strengthened the overall downtrend. Key resistances are at ₹75 and ₹79 — the 21-day moving average which are likely to cap the upside. Intermediate bounce to these levels is likely to find fresh selling interest coming into the market.
Immediate support is at ₹69. A strong break below it can drag the stock lower to ₹65 initially. Further break below ₹65 will then increase the likelihood of the stock tumbling to ₹60 or even ₹55 over the short term.
Traders with high risk appetite can go short at current levels and also on rallies at ₹74. Stop-loss can be placed at ₹78 for the target of ₹60. Revise the stop-loss lower to ₹69 as soon as the stock moves down to ₹67.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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