Indigo share cost hits all-time tall on Airbus arrange worth $50 billion
IndiGo, India’s largest airline, has recently made headlines with its monumental $50 billion order for 500 aircraft from Airbus at the Paris Air Show. This significant deal has propelled IndiGo’s share price to reach an all-time high of ₹2,499.95 apiece on the Bombay Stock Exchange (BSE), representing a gain of over 2% in early trade on Tuesday. However, the stock later relinquished its early gains, closing 0.11% higher at ₹2,432.70 apiece on Monday.
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Rajesh Bhosale, an Equity Technical and Derivative Analyst at Angel One, commented that although the stock initially witnessed a gap-up opening, the gains were subsequently surrendered. He maintained a positive bias on the counter, advising investors to view dips as buying opportunities. The stock has a support level at ₹2,400 and faces resistance at ₹2,580.
Gaurav Bissa, the VP of InCred Equities, pointed out that the stock experienced a breakout from a symmetrical triangle pattern on the weekly charts at around ₹2,150, which propelled it to ₹2,400. However, after reaching new all-time highs, the stock triggered a bearish harmonic alt shark pattern on the weekly charts, indicating a potential reversal. Bissa suggested that if the stock closes below ₹2,350, it could fall back to ₹2,150. Currently, the stock is trading above its major swing high levels, which is maintaining buying interest. There is also a multiyear ascending trendline resistance at ₹2,550. Bissa concluded that the risk-reward ratio is not favorable for fresh buying, and existing shareholders should consider booking partial profits due to the bearish harmonic pattern.
Overall, IndiGo’s stock price surge was driven by the massive Airbus order, but there are technical indications suggesting a potential reversal or correction in the future. Investors should carefully monitor the stock’s performance and consider the advice of market analysts before making any investment decisions.
