Shares of SpiceJet Ltd extended their recovery for a second consecutive session on Thursday, rising another 5 per cent to Rs 13.33. With this, the airline stock has gained 10.17 per cent over the last two trading sessions. Despite the recent rebound, SpiceJet shares are still down 62.21 per cent in the past six months.

Meanwhile, BSE and NSE have placed SpiceJet securities under the long-term ASM (Additional Surveillance Measure) framework. Exchanges typically place stocks under short-term or long-term ASM frameworks to alert investors about heightened volatility in share prices.

Some market participants remained largely cautious on the stock despite the recent bounce.

Kranthi Bathini, Equity Strategist at WealthMills Securities, said the airline continues to face pressure. "On the stock front, some buying interest has emerged over the past couple of sessions, but the counter is suitable only for investors with a high-risk appetite," he added.

Ravi Singh, Chief Research Officer at Mastertrust, said SpiceJet continues to remain structurally weak on the charts. "The stock has been in a relentless downtrend from Rs 80 level, eroding significant shareholder value over the past six months. While there has been a relief rally over the last couple of sessions, it appears more like a dead-cat bounce than a genuine trend reversal," he stated.

Singh noted that the stock recently failed to breach the minor resistance level of Rs 14.50 and continues to trade in a lower-high, lower-low pattern. "Buying at current levels remains purely speculative bottom-fishing attempt. Unless the stock decisively crosses and sustains above Rs 15 with strong volumes, bears are likely to remain in control," he added.

AR Ramachandran, a Sebi-registered research analyst at Tips2trades, said SpiceJet shares are showing a mildly bullish trend on daily charts, with strong support placed at Rs 12.08. "A daily close above the Rs 13.7 resistance level could trigger an upside move towards Rs 15.19 in the near term," he stated.