SpiceJet, IndiGo: Aviation stocks look set for a further rally, charts show

A massive surge of over 35 per cent in the past three sessions indicates a positive momentum going-forward for SpiceJet

Investors have turned to the beaten-down aviation stocks ever since Pfizer and then Moderna Inc said their Covid-19 vaccine candidates have shown over 90 per cent efficacy. Shares of SpiceJet and IndiGo have outperformed the markets this month as investors were seen rotating out of 2020 winners such as IT and pharma and buying into sectors that were badly bruised because of the Covid-19 pandemic.

For instance, InterGlobe Aviation and SpiceJet have gained up to 26 per cent in November. In comparison, the benchmark Sensex has gained 11 per cent. In Thursday's intra-day session, stock of SpiceJet extended its