Comments
The outlook for the stock of SpiceJet has turned bullish. The stock remained insulated from the sharp fall in the broader indices and surged 2.6 per cent on Wednesday. This rally was accompanied by high volumes and has aided in breaking a key resistance at around ₹70. Also the stock has been surging continuously for almost two weeks. This rally has broken a key trend-line resistance around ₹71. Also it is now well placed above the 200-day moving average. These indicators signal that the stock might have begun a fresh leg of upmove. Strong support is seen in the ₹67-₹70 band which may limit the downside in the stock. Dips to this support zone may find fresh buyers in the market. A rise to ₹78 and ₹80 looks likely in the near term. Further break above ₹80 can open doors for the next target of ₹85. Traders with a short-term perspective can go long. Stop-loss can be placed at ₹66 for the target of ₹83. Accumulate longs on dips near ₹70. Revise the stop-loss higher to ₹75 as soon as the stock moves up to ₹78.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.