Today’s stock market: SpiceJet share price today opened upside and went on to touch an intraday high of ₹71.90 apiece on NSE
Stock market today: Amid the bull trend in the Indian stock market, SpiceJet shares witnessed strong buying interest during Friday deals. SpiceJet share price today opened upside and went on to touch an intraday high of ₹71.90 apiece, logging around 13 percent intraday rise against its Thursday close of ₹63.63 apiece on NSE. While climbing to the intraday high, the aviation company’s stock came close to its existing 52-week high of ₹77.50 that it had achieved on 5th February 2024.
According to stock market experts, the DGCA (Directorate General of Civil Aviation) has released the January 2024 data in which it has reported that the low-cost carrier has managed to hold on to its market share in January 2024.
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The DGCA data shows that SpiceJet has managed to hold on to its market share at 5.6 percent in January 2024. The DGCA data also reported that passenger traffic surged by 4.7 percent in January 2024.
DGCA data in focus
Speaking on the reason for the rise in SpiceJet shares, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “The aviation stock is rising after the release of DGCA January data. In this data, SpiceJet has been reported holding on to its market share of 5.6 percent and the market is expecting benefits for the listing aviation company after DGCA reports a 4.7 percent rise in the number of flight passengers in January 2024.”
Gorakshkar said that the trigger is for the short term, and profit-booking on higher levels may trigger if there is no rebound after the current retracement from intraday’s high.
SpiceJet share price target
On the outlook of SpiceJet shares, Sumeet Bagadia, Executive Director at Choice Broking said, “SpiceJet shares are currently trading in the ₹60 to ₹75 per share range. the aviation stock may become highly bullish on breaching the upper hurdle of the current range whereas it may go further down if it breaches the lower support of its current range. So, a bullish or bearish trend can be assumed on the breakage of either side of the current range. SpiceJet shareholders are advised to hold the scrip maintaining stop loss below ₹60.”
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