SPICE JET Daily NSE Stock Chart Technical Analysis:
Spice Jet investors finally found some relief as the stock price seemed to hit bottom and started moving upwards.
Close & CMP: 46.4
Market Outlook:
- The price seems to be rising after a steep fall. The recent fall was due to the allegation of Maran's involvement in a scam (not related to the airline industry though).
- The worst seems to be over for SpiceJet's stock, but nothing can be said yet. I would still wait for allegations to subside to take any long term view.
- Current support is (short below) 44 and resistance is (buy above) 49.50 with a short term exit.
- Day trader: Can be bought around 46-47. Sell when it reaches 49.50 (if the price is moving upwards fast and goes above 49.50, you might hold on longer)
The price was falling consistently and formed a doji candlestick at its support @ 44 and then returned upwards with good level of market interest in the stock and strong liquidation of shorts by the bears. Overall a recovery sign, but not whether this recovery will be long-lived.
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