Buy Indraprastha Gas Ltd For Target Rs.485 - Religare Broking
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* 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 has created a fresh base in the last 1 month while holding firmly above the support zone of the long-term moving average (200 EMA) and looks set for a breakout now. We thus recommend creating longs in the given range.
Buy Indraprastha Gas Ltd @424-426 CMP:424 , STOP LOSS 392, TARGET 485
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