IndiGo shares crack 16% in 2 weeks. When will the stock take off?
IndiGo hit an all-time high of Rs 5,033 in the month of September, from where it started its falling spree and corrected by 25%.
After a long time, the stock is currently placed below its 200-day exponential moving average (DEMA), with the stock oscillating in the oversold territory on the relative strength indicator (RSI).
The shares were struggling around their 100 DEMA last week, but were pushed down after the company reported their Q2 earnings wherein the airline slipped back into the red, reporting a loss of Rs 987 crore against a profit of Rs 189 crore in the year-ago period.
The loss came in as a surprise because while the same was expected by the Street, the actual number was much higher.
The budget carrier said earnings were further impacted by headwinds related to groundings and fuel costs.
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