Is SpiceJet technically bullish or bearish?

Overview of Current Technical Indicators

As of 28 November 2025, SpiceJet’s technical trend shifted from mildly bearish to outright bearish. This change is underscored by a combination of moving averages, momentum oscillators, and price action indicators that collectively point towards a weakening stock price trajectory.

The Moving Average Convergence Divergence (MACD) presents a mixed picture: weekly data shows a mildly bullish signal, indicating some short-term positive momentum, but the monthly MACD remains bearish, reflecting longer-term downward pressure. This divergence suggests that while there may be brief rallies, the overall trend remains unfavourable.

Relative Strength Index (RSI) readings on both weekly and monthly charts do not provide a clear signal, indicating neither overbought nor oversold conditions. This neutrality in RSI implies that the stock is not currently in an extreme state but lacks strong directional conviction.

Bollinger Bands, which measure volatility and price levels relative to recent averages, show bearish signals on both weekly and monthly timeframes. This suggests that SpiceJet’s price is trending towards the lower band, often interpreted as a sign of sustained selling pressure.

Daily moving averages reinforce the bearish stance, with the stock price trading below key averages, signalling a downtrend in the short term. The Know Sure Thing (KST) indicator also reflects this duality: mildly bullish on a weekly basis but bearish on the monthly scale, mirroring the MACD’s mixed signals.

Dow Theory analysis adds further nuance. The weekly perspective is mildly bearish, while the monthly view shows no clear trend. This indicates that while short-term price action is weak, the longer-term trend is uncertain but not definitively positive.

Price Performance and Market Context

SpiceJet’s current market price stands at ₹33.27, down from the previous close of ₹33.74. The stock’s 52-week high was ₹63.40, while the low was ₹28.13, highlighting significant volatility and a steep decline from its peak over the past year.

Daily trading ranges remain narrow, with the day’s high at ₹33.97 and low at ₹33.12, reflecting subdued intraday volatility but persistent downward pressure.

When compared with the benchmark Sensex, SpiceJet’s returns have been markedly disappointing. Over the past week, the stock declined by 5.2%, while the Sensex gained 0.6%. The one-month return shows a sharper contrast: SpiceJet fell 13.5% against a 1.3% rise in the Sensex.

Year-to-date, SpiceJet’s stock has plummeted nearly 40%, whereas the Sensex has advanced by close to 10%. Over the last year, the disparity widens further, with SpiceJet down 46.6% compared to an 8.4% gain in the Sensex. Even over longer horizons of three, five, and ten years, SpiceJet’s returns remain deeply negative, while the Sensex has delivered robust positive growth.

Interpreting the Mixed Technical Signals

The coexistence of mildly bullish weekly indicators alongside bearish monthly signals suggests that SpiceJet’s stock may be experiencing short-lived relief rallies within a broader downtrend. Such patterns are common in stocks facing structural challenges or sectoral headwinds, where temporary optimism is quickly overshadowed by persistent negative sentiment.

For investors, this means caution is warranted. The absence of strong RSI signals indicates the stock is not yet oversold enough to expect a significant rebound, while the bearish Bollinger Bands and moving averages imply that selling pressure remains dominant.

Moreover, the Dow Theory’s lack of a clear monthly trend signals uncertainty about the stock’s long-term direction, reinforcing the need for close monitoring of fundamental developments alongside technical cues.

Sectoral and Industry Considerations

SpiceJet operates in the highly cyclical airline industry, which is sensitive to fuel prices, regulatory changes, and economic cycles. The airline sector has faced numerous challenges recently, including fluctuating demand, rising operational costs, and competitive pressures. These factors often exacerbate stock volatility and can prolong bearish trends.

Given the airline industry’s inherent risks and SpiceJet’s underperformance relative to the broader market, technical weakness may reflect deeper structural issues rather than transient market fluctuations.

Conclusion: Predominantly Bearish Outlook

In summary, SpiceJet’s technical profile as of late November 2025 is predominantly bearish. The shift from mildly bearish to bearish trend status, combined with negative moving averages and Bollinger Bands signals, points to sustained downward momentum. While some weekly indicators hint at short-term bullishness, these are insufficient to offset the broader negative trend.

Investors should be mindful of the stock’s significant underperformance relative to the Sensex and the airline sector’s ongoing challenges. Until there is a clear reversal in monthly technical indicators and improved fundamental catalysts, SpiceJet’s stock is likely to remain under pressure.

For those considering exposure to the airline sector, it may be prudent to explore alternative opportunities with stronger technical and fundamental profiles.

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