SpiceJet shares gain nearly 15% in two sessions; can the recovery continue after a turbulent phase?

Shares of SpiceJet Ltd extended their strong rebound for a second straight session on Monday. The stock climbed 6.72 per cent to close at Rs 13.18. With this, it has advanced 14.51 per cent over the past two trading days. However, despite the recent recovery, the counter is still down 55.90 per cent on a year-to-date (YTD) basis.

The stock also witnessed heavy trading activity on BSE, with around 2.16 crore shares changing hands, significantly higher than the two-week average volume of 66.38 lakh shares. Turnover stood at Rs 28.36 crore, while the company's market capitalisation (m-cap) was at Rs 2,011.40 crore.

Some market experts noted that the airline stock may be suitable only for investors with a high-risk appetite.

Ravi Singh, Chief Research Officer at Master Capital Services, said, "SpiceJet is going through a really rough patch right now. They are facing hurdles from lawsuits, cash shortages, and a large number of grounded planes. While they keep dodging bankruptcy by raising fresh funds and striking last-minute deals with leasing companies, their actual day-to-day flying operations are struggling. If we look at the technical charts, it trades very much like a highly volatile penny stock."

He added, "The price swings wildly based on any headline about court rulings or new capital coming in. As of mid-June 2026, it is trading right around Rs 13. Unless they can get their significant fleet airborne again and show real, consistent profits, it is a speculative play meant mostly for very aggressive, risk-tolerant traders rather than a solid long-term holding."

Echoing a similar view, Kranthi Bathini, Equity Strategist at WealthMills Securities, stated that the stock is suitable only for investors with a high-risk appetite.

According to AR Ramachandran, Sebi-registered research analyst at Tips2trades, "SpiceJet's stock is bullish on daily charts with strong support at Rs 12.35. A daily close above the resistance of Rs 13.6 could lead to an upside target of Rs 15.2 in the near term."

Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, observed, "Support will be at Rs 30 and resistance at Rs 33.5. A decisive move above Rs 33.5 level may trigger a further upside towards Rs 35. The expected trading range will be between Rs 30 and Rs 35 in the short term."