Early Signs of Hope
Swiggy's stock has begun to show indications of a possible turnaround. The stock has experienced a recent recovery, climbing more than 8% in the last two
weeks and 4% in the past week. Analysts are closely examining these movements as the stock price rebounds from key support zones and approaches important technical levels. Some analysts are observing early signs of bullish momentum and accumulation, while others are advising caution, citing chart patterns that suggest resistance ahead. The next few moves for Swiggy will be crucial from a trend-confirmation standpoint. These developments come after a year-to-date decline of more than 24%.
Analyst Perspectives Emerge
Aakash Shah, Research Analyst at Choice Broking, noted that Swiggy is showing signs of potential recovery following a prolonged consolidation near Rs 395. Shah mentions the stock has found repeated support around this level, indicating a lessening of selling pressure and the entry of buyers. He also pointed out that since May, Swiggy has started forming higher lows, hinting at a shift from bearish to neutral-to-bullish momentum, after trending lower from the Rs 400–410 zone earlier this year. From a technical perspective, Swiggy is currently hovering close to its 20-day EMA of Rs 396.38, while trading below the 50-day EMA. The 100-day and 200-day moving averages are overhead, acting as resistance levels. Shah observes that the “20- and 50-day EMAs are beginning to flatten, indicating that short-term selling pressure may be weakening.” The Relative Strength Index (RSI) stands at 48.27, gradually rising from oversold territory, a level seen as an early sign of bullish momentum.
Support and Resistance Levels
Shah outlines that immediate resistance lies between Rs 405–407, and Rs 375 acts as a key support level. He suggests that a successful breach above the short-term EMAs could drive the stock toward Rs 430, providing a clear upside target. He adds that this setup “offers a favourable risk-to-reward setup for short-term traders.” Simultaneously, Shitij Gandhi, AVP – Equity Technical Research at SMC Global Securities, strikes a more cautious tone, warning that Swiggy’s daily chart is “signalling caution as the price action forms a Head and Shoulders pattern, a structure often associated with trend exhaustion.” Gandhi highlights that the Rs 382–385 zone has served as a strong demand zone multiple times, but repeated tests are weakening it. Gandhi believes that a decisive breakdown below Rs 382 could accelerate downside momentum, potentially dragging the stock towards the Rs 360–365 zone. On the upside, Gandhi adds that any rebound will face immediate resistance at Rs 410–415. For now, Gandhi concludes, the chart reflects a phase where cautious optimism meets rising pressure, making the next move crucial.
