Thukral recommends buying IndiGo shares in the ₹5000–₹5150 range, and has set a target of ₹5730 with a stop-loss at ₹4740

InterGlobe Aviation’s (IndiGo) stock (INDIGO.NSE) appears to be gearing up for the fifth wave of a bullish impulsive sequence, signaling a potential breakout to fresh highs, according to SEBI-registered analyst Aditya Thukral.

The stock has been steadily trending upward, forming a series of higher highs and higher lows on both short-term and long-term charts, Thukral noted.

The analyst said that with earlier resistance levels now acting as support, IndiGo shares are demonstrating bullish sentiment in line with the technical principle of polarity.

Thukral said that the stock’s 100-day exponential moving average (EMA) continues to slope upward and currently stands at ₹5,064.55, indicating medium-term strength.

The stock is also displaying signs of a positive Relative Strength Index (RSI) reversal, the analyst said, adding that while the RSI forms lower lows, the price continues to post higher lows, a divergence that usually precedes an upward price move.

The stock is showing signs of a positive Relative Strength Index (RSI) reversal, with the RSI making lower lows while the price forms higher lows — a bullish divergence that usually indicates an upward move.

Thukral said that the stock’s Elliott Wave analysis supports its bullish uptrend.

Since hitting a pandemic low of ₹771.30 in March 2020, IndiGo has been following a long-term bullish impulsive structure. The stock completed its major wave 3 in September 2024, followed by a corrective phase marking wave 4.

Thukral said the stock is now in the final wave 5 of this sequence. Within wave 5, the stock is likely nearing the end of sub-wave (4), setting the stage for the final push higher, potentially above the 52-week high of ₹5,729.

Based on Elliott Wave guidelines, wave four should not breach the territory of wave 1, making ₹4,740 a critical stop-loss level.

Thukral recommends buying IndiGo shares in the ₹5,000–₹5,150 range, with a target price of ₹5,730 and a stop-loss set at ₹4,740.

As of Friday's close, the stock has gained 15.5% year-to-date.

For updates and corrections, email newsroom[at]stocktwits[dot]com.<