Spice Jet: Possible Buy Above 44

 

SPICE JET Daily BSE Stock Chart Technical Analysis:

• Spice Jet made a rise and seems headed upwards, after staying sideways for the past couple of days.
• The resistance is at 44, so there is a possible buy above it.
• Considering the involvement of management in a probe, don't remain bullish for too long on this one as any negative news can rip off the price once again.

SPICE JET Daily BSE Stock Chart Technical Analysis

Spice Jet: Showing Support at 44

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)

Technical Indicators: 

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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SPICE JET Daily NSE Stock Chart Technical Analysis