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Investors with a short-term perspective can buy the stock of Indraprastha Gas at current levels. On Wednesday, the stock surged 2.7 per cent extending its previous day’s gain of 3 per cent. With this bullish momentum, the stock has decisively breached its 21- as well as 50-day moving averages and the immediate resistance level of ₹430. Following a corrective downtrend, the stock found support around ₹407 in late March where its 200-day moving average also provided cushion. Subsequently, it resumed the intermediate-term uptrend that has been in place since January 2014.
The relative strength index on the daily chart has entered the bullish zone and weekly RSI is on the brink of entering the bullish zone. Both the daily and weekly price rate of change indicators feature in the positive territory. . The stock can continue to rally and reach our price target of ₹463 and ₹472 in the upcoming sessions. Buy the stock with a stop-loss at ₹435.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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