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Below the Quote on Technical Outlook on IGIL for Friday October 23  by Sachin Gupta, VP-Technical Research at Choice Broking

IGIL is currently trading at Rs366.30, up 3.71%, and is approaching a crucial resistance level on the daily chart. The stock has been moving within a broad consolidation structure, bounded by a downward-sloping resistance trendline and an upward-sloping support trendline. The current price action indicates a potential breakout attempt, with a sustained daily close above the upper trendline likely to signal a bullish structural breakout. High-volume expansion during this move supports further upward move. Additionally, the stock is trading above all key moving averages, indicating a positive trend. The RSI also stands at 72.42, reflecting strong bullish momentum.

On the downside, ?350 is the immediate support, followed by a major support zone around ?330. On the upside, ?385 is the nearest resistance, while ?400 is the next important hurdle. A decisive breakout above the descending trendline could support further upside towards these resistance levels.

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