The short-term outlook is bullish. The stock has made a bullish breakout on Monday. Monday’s 3 per cent rise has taken the share price well above the key resistance level of ₹465. This rise also indicates a trend reversal. The region between ₹465 and ₹460 will now act as a good support and limit the downside. The moving average cross-overs on the daily chart also strengthens the bullish case. Indraprastha Gas’s share price can rise to ₹515 over the next three to four weeks. Traders can go long now at ₹475. Accumulate on dips at ₹468. Keep a stop-loss at ₹453. Trail the stop-loss up at ₹485 as soon as the stock moves up to ₹495. Move the stop-loss further up to ₹498 when the price touches ₹503. Exit the long positions at ₹510.
Today’s Stock Recommendation: 9th April 2024
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)