Swiggymayrebound to Rs 190, butchartsdonotsignal a trendreversal: LKP’s VatsalBhuva
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Swiggy stock may rebound to Rs 190, but charts do not signal a trend reversal, said LKP Securities analyst Vatsal Bhuva.
- ✓The stock continues to form lower highs and lower lows since its listing.
- ✓While oversold conditions could trigger a bounce, the current technical setup shows no clear signs of recovery.
Story at a Glance
- Category
- MARKET
- Reported By
- The Economic Times
- Reading Speed
- 8 Minute(s)
- Market Focus
- India Economy
Swiggy’s post-results selloff has deepened its technical damage, with the stock continuing to form lower highs and lower lows since its listing. While deeply oversold conditions could trigger a rebound towards Rs 190, the chart setup does not yet signal a trend reversal, according to Vatsal Bhuva, technical analyst at LKP Securities.
Edited excerpts from a chat:
Nifty closed at 22,600 levels after touching 22,372. Is the 22,200–22,000 zone still a credible support base, or has the market entered a fresh leg of the downtrend?
Yes, 22,200–22,000 is strong support for the Nifty index. But indicators have already signalled the continuation of the downtrend, and breaking of these levels is very crucial for confirmation.
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