Swiggy may rebound to Rs 190, but charts do not signal a trend reversal: LKP’s Vatsal Bhuva
Swiggy secured new business.
· Economic Times Markets
LKP Securities’ Vatsal Bhuva sees continued downside risks for Nifty and Bank Nifty, while identifying potential rebounds in Swiggy and HDFC Bank. He also recommends Oriental Hotels and Apollo Hospitals, citing improving technical indicators and favourable chart setups.
The analysis
Swiggy reported Rs 190,. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is -16.8% on the day at ₹176.00, and has returned -19.9% over three months. It sits 59% below its 52-week high, which means a good deal of bad news was already in the price. The hotels & restaurants sector has moved +0.4% over the same period, so Swiggy is running 20.3 points behind its peers.
With Swiggy, HDFC Bank and Apollo Hospitals all implicated, this reads as a Hotels & Restaurants-level move rather than a company-specific one, which is the more durable kind of signal.
Market context
- It touches several names at once (SWIGGY, HDFCBANK, APOLLOHOSP), which points to a sector-level rather than company-specific driver.
- Sector exposure: Hotels & Restaurants, Banks, Pharma & Healthcare.
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