SpiceJet shares crack 67% in 6 months - What analysts suggest

Shares of SpiceJet resumed their fall in Thursday's trade after a single-day halt to touch a new one-year low level. The stock declined 4.03 per cent to Rs 9.53 level. It was last seen trading 2.11 per cent lower at Rs 9.72. At this level, the counter has crashed 67.64 per cent over the last six months.

Bourses BSE and NSE have put the securities of SpiceJet under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

From a technical standpoint, some analysts largely remained bearish on SpiceJet's scrip.

Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, stated, "SpiceJet has been in a secular downtrend, with no technical pullback or respite. The placement below all its major EMAs indicates an inherent weakness. The counter has a sturdy hurdle around the Rs 14.50-14 zone, and until it gets surpassed, it is likely to remain under pressure."

Kunal Kamble, Senior Technical Research Analyst at Bonanza, said, "The structure of SpiceJet remains clearly bearish on higher timeframes. The stock has broken down from a descending channel and is trading near the lower boundary of a long-term support zone, indicating sustained selling pressure. Immediate support is placed around the Rs 9–8.5 range, and a breakdown below this can extend the fall towards Rs 7 level. On the upside, any pullback may face resistance near Rs 12–14. Structurally, the trend remains weak, and rallies should be considered as selling opportunities unless a strong reversal occurs."

According to AR Ramachandran, a Sebi-registered research analyst at Tips2trades, "SpiceJet's stock is bearish and also oversold on daily charts with next support at Rs 8.45. Investors should buy only if a daily close is above the resistance of Rs 10 for an upside target of Rs 11.7 in the near term."

Meanwhile, some other aviation-related stocks, such as InterGlobe Aviation Ltd (IndiGo's parent) and TAAL Tech Ltd, were also seen trading lower today.