SpiceJet share price: After hitting air pocket in Q2, this is what expert says investors should do
SpiceJet Q2FY20 Results: Despite YoY robust growth in its income from Rs 1,882 crore in Q2FY19 to Rs 2,759 crore in Q2FY20, SpiceJet has reported a rise in its YoY loss of near 19%.
SpiceJet Q2FY20 Results: Despite YoY robust growth in its income from Rs 1,882 crore in Q2FY19 to Rs 2,759 crore in Q2FY20 — an increase of nearly 46.5 per cent — the company has reported rise in its YoY loss of some 19 per cent. Reporting its September quarter numbers, SpiceJet informed that its YoY loss has gone up from Rs 389 crore in Q2FY19 to Rs 463 crore in Q2FY20.
On the basis of such weak quarterly numbers given by SpiceJet, the market experts have advised stock market investors to avoid any trade-in current market scenario till it breaks the Rs 125 per stock levels. They are of the opinion that the aviation stock is not showing any upside movement in recent trading sessions and the kind of September quarter results it has reported, chances of SpiceJet share price breaking the Rs 125 resistance are virtually nil.
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Speaking on the SpiceJet share price Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal said, "The SpiceJet Q2 results are weaker than expected. The aviation counter has not shown any kind of upside movement in recent trading sessions and it seems to be trading in the range of Rs 107 per stock levels to Rs 125 per stock levels. I would suggest stock market investors avoid the SpiceJet shares till it breaks the upper resistance. Once it breaks Rs 125 per stock levels, then only one can think of taking a buy position."