Buy Indraprastha Gas, target Rs 340

We recommend traders to accumulate IGL in the range of Rs 279 to 275 with a price target of Rs 320 – 340 levels respectively. A stop loss should be placed below Rs 250 on a closing basis.

After forming a strong base near Rs 240, Indraprastha Gas (IGL) saw a spectacular run-up during late June 2018 through early August 2018.

Subsequently, it witnessed a decent profit booking and corrected towards Rs 273 – 275. Looking at the daily chart, the previous daily resistance of early June 2018 which was acting as a strong resistance had reversed its role post breakout and is likely to provide strong support.

The daily RSI (14) is approaching towards the 40 levels. Hence, we recommend traders to accumulate IGL in the range of Rs 279 to 275 with a price target of Rs 320 – 340 levels respectively. A stop loss should be placed below Rs 250 on a closing basis.

MORE WILL UPDATE SOON!!

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