Buy| Indraprastha Gas (Rs 432):|Target: Rs 476 | Stop-loss: Rs 405 | RETURN 10%
After forming double-bottoms around 397 odd levels, the stock price reversed northward to close above the downward sloping trend ine, adjoining the high of November 21 and December 12, 2019. The stock price closed at an all-time high level yesterday by closing above the previous resistance of 427 levels with higher volumes. Oscillators and momentum Indicators like RSI and MACD are showing strength in the stock on the daily and weekly charts. In the derivatives, we have seen long build-up in the IGL Futures yesterday. Considering the evidences discussed above; we recommend buying the stock at the current market price (CMP) and average it at Rs 420, for the target of Rs 476, keeping a stop loss at Rs 405.
SOURCE:- BUSINESS STANDARD