Indigo, SpiceJet, Jet Airways: Here's how you can trade in airline stocks

Spice Jet, if breaches Rs 110, then may see Rs 90 and Rs 84 in the near future

InterGlobe Aviation Ltd (INDIGO): The recent fall of over 10 per cent has dented the positive sentiment in the counter to a great extent. There are chances that the stock will enter a bearish phase. That said, the most significant neckline comes at Rs 1,230, which is 200 days moving average (DMA), and if breached then a slide below Rs 1,000 levels is inevitable. The follow-up correction may exhaust the upside move, as per the daily chart. At the current levels, a rebound can take the counter to Rs 1,390 – Rs 1,440 levels. If it does manage to conquer this, then IngiGo will face the next immediate resistance of Rs 1,480 – Rs 1,510 level, as per the weekly chart. Both the charts, daily and weekly, suggest a negative bias for the stock for now. CLICK HERE FOR DETAILED CHART VIEW

Jet Airways (India) Ltd (JETAIRWAYS): The stock has been shofied to Trade-to-Trade segment. Nearly three-lakh shares are waiting to get sold on the NSE terminal today. The stock is in a bearish trend and this is likely to persist longer. As it slips to lower levels, the sense of avoiding this stock gets even stronger. The move suggests that the stock can breack its recent low of Rs 26.55, which is a sentimental support for the counter, charts suggest.  CLICK HERE FOR DETAILED CHART VIEW

SpiceJet Limited (SPICEJET LTD): It is currently holding the support of 100 DMA at Rs 116 level. The daily chart reveals a formation of 'Head and Shoulder' pattern. A breach of Rs 113 – Rs 110 levels can see the counter slide towards Rs 90 and and then Rs 84 levels. The technical indicators RSI (Relative strength index), MACD (Moving Average Convergence Divergence) and stochastic show a weak breath, as they all trade in negative crossovers or in oversold territory. A 5 – 7 per cent correction from the recent high can see the stock plungs as much as 20 per cent from the top, as per the weekly chart. CLICK HERE FOR DETAILED CHART VIEW