Stock Idea - Spice Jet Ltd By Choice Broking
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SPICE JET LTD.
On a monthly chart, the stock has given a six months breakout of its prior high of 83.90 May '21 and sustained above it, which indicates a bullish strength in the counter.
Moreover, the stock has also confirmed a consolidation breakout on the daily timeframe and made a high at 85.15 on Tuesday session, which suggests a further upward movementin the stock.
The price has sustained above Upper Bollinger & Ichimoku Cloud formation that supports the upward momentum for the long term.
In addition, the price has also traded above 200-days Simple Moving Averages and witnessed a positive crossover in Stochastic along with Volume spurt, which indicates bullish strength & buying interest among the trades.
Hence, based on the above technical structure one can initiate a long position in SPICEJET at CMP 84.50 or a fall in the price till 83 levels can be used as buying opportunity for the upside target of 100/120 while the support is placed at around 72 &68 levels, so level 68 should be considered as a stop loss ona closing basis.
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