After a remarkable rally that saw its value almost double, Meesho stock appears to be entering a period of consolidation. On September 30, 2026, market expert Hitesh Rathi indicated that the e-commerce platform's shares, having climbed from approximately Rs 135 in March 2026 to a range of Rs 220-Rs 238, are now encountering significant resistance.
Sharp Gains Meet Technical Hurdles
The stellar performance of Meesho stock, which delivered gains of nearly 100% within the financial year, positioned it as a top performer within the internet sector. However, the stock's recent dip to around Rs 221 from its peak near Rs 238 suggests a cooling of momentum. Rathi highlighted a crucial resistance band between Rs 230 and Rs 245, a zone he described as a "very strong swing resistance."
Broader Market Context Remains Supportive
Despite the individual stock's challenges, the overall sentiment for internet stocks remains positive. The Nifty Internet index has shown robust performance, delivering returns of about 22% since April 30, 2026, even amidst volatility in the broader market. Meesho has capitalized on this sectoral strength, contributing to its significant re-rating in recent months.
What Investors Should Watch Next
For investors who acquired Meesho shares near their recent high, the immediate concern is the stock trading below their entry price. Rathi advised that given the substantial 100% upswing already observed this year, a "time consolidation" is likely. This implies that the stock may trade sideways for a period, digesting its gains rather than continuing rapid ascent.
The analyst stressed that any renewed upward momentum for Meesho stock hinges on its ability to decisively break and sustain above the Rs 235-Rs 245 resistance zone in the medium term. Until such a breakout occurs, the stock's near-term upside may be capped by profit-booking pressures and the market's need to absorb its recent near-doubling in price.