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Indraprastha Gas Ltd

* IGL has been a consistent performer within the gas distribution space, maintaining a steady uptrend since 2009. It also experienced corrective moves during those phases but the quantum of decline usually remains low but the scenario changed in the last decline.

* It corrected sharply from its record high i.e. 588.6 and slipped to 321 levels in just six months (Sep 2021- March 2022) and the decline in the broader markets further added to the pressure. It formed a triangle pattern during the base formation after the slide and witnessed a breakout from the same in August 2022.

* After the initial surge, it retraced to the support zone around 360 levels again. However, the recovery was equally sharp this time and it retested the hurdle around 430 levels in no time. It looks set for a fresh surge after spending nearly a month in range while holding firmly above the support zone of major moving averages. We thus recommend creating longs in the given range.

Buy Indraprastha Gas Ltd - Target : 495 Stop Loss : 404 CMP : 432 Range : 432-434 Period : 1 Month

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