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Indraprastha Gas Limited’s (IGL) stock has been appreciating gradually since November last year. After moderating over the past few days, the stock witnessed a rebound on Wednesday. It bounced off the 20-day moving average. The price action shows that the uptrend is not invalidated, and the recent price decline is likely to be only a corrective one. We anticipate a rally in IGL, particularly on Friday.
There is a chance for the stock to see an intraday dip to ₹422, but eventually, it is expected to recover and hit ₹435 intraday. Hence, we suggest buying the stock of IGL at the current level of ₹425 and accumulate if the price dips to ₹422. Place initial stop-loss at ₹418. Book profits when the stock touches ₹435.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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