Swiggy: Stock Attempts Recovery After Sharp Correction

Company Overview: Swiggy Limited, one of India's leading online food delivery and quick-commerce platforms, has witnessed significant selling pressure over the past few months, with its stock trading well below its major moving averages. Technical Analysis: Swiggy is currently trading around ₹188 and remains below its 10, 20, 50, 100 and 200-day moving averages, indicating that the broader trend continues to remain bearish. The stock has witnessed a sharp correction since September, followed by some recovery from its recent lows. However, the recovery is yet to establish a meaningful trend reversal. The RSI is hovering around 36, reflecting weak momentum, although it has started showing signs of improvement. MACD is indicating a positive crossover, suggesting a possible short-term recovery attempt. Meanwhile, elevated ADX levels indicate that the prevailing trend remains strong. Key Levels to Watch: Immediate Resistance: ₹190–200 Next Resistance: ₹215–227 Immediate Support: ₹180–175 Major Support: ₹158–160 My View: Swiggy remains in a broader bearish structure despite early signs of short-term momentum improvement. A sustained move above ₹200 could strengthen the recovery, while failure to reclaim this zone may lead to renewed selling pressure. Traders should watch price action around these levels before taking fresh positions. Disclosure: The analyst or his family does not have any position in the stock. SWIGGY