Top buzzing stock: Indraprastha Gas Ltd

Top buzzing stock: Indraprastha Gas Ltd

by 5paisa Research Team Last Updated: Dec 14, 2022 - 06:07 pm 35.2k Views
Listen icon

On Tuesday, the stock has witnessed tremendous buying interest at lower levels and has jumped about 10%.

Indraprastha Gas Ltd is engaged (IGL) in the distribution of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in Delhi to consumers in the domestic, transport, and commercial sectors. They are further exploring new gas supply sources under this segment. With a market capitalization of Rs 26000 crore, it is one of the strong midcap company in its sector.

The stock of IGL has been quite bearish in the medium term. Since its high of Rs 602.05 in September, the stock has been in a strong downtrend and has lost about 45% of its value in just 6 months. It is extremely oversold and is trading at strong support levels. On Tuesday, the stock has witnessed tremendous buying interest at lower levels and has jumped about 10%. With such strong price action, it is trading above its 20-DMA after many days. The stock has recorded a huge volume of 11 million in the first two hours of the trade.

The technical parameters show improved strength in the stock. The 14-period daily RSI, which was in the bearish territory, has jumped above 50. The daily MACD has given a bullish crossover and Elder Impulse System, too, indicates a fresh buy. The On Balance Volume (OBV) has indicated strong strength from a volumes point of view. The other momentum oscillators and indicators also point towards the possibility of a trend reversal. Overall, the situation has largely improved and the stock is heading for a potential reversal from here on.

Considering strong price action and bullish technical indicators, coupled with huge volume, the stock is a perfect candidate for swing trading. It has the potential to test the level of Rs 400, followed by the level of Rs 420, which is its strong resistance. Moreover, positional traders can expect decent gains in the short to medium term.


Also read: These stocks have formed a bullish pattern by candlestick strength

Share Market Today

How do you rate this article?

Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage


About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.

Enjoy 0%* Brokerage with 5paisa
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest News
Polymatech Electronics: ₹1,500 Crore IPO for Semiconductor Expansion

Polymatech Electronics, prominent semiconductor chip manufacturer based in Chennai, is gearing up for significant financial move with plans to launch₹1,500 cr initial public offering (IPO) by end of year. This IPO, double size initially envisaged, signifies company’s ambitious expansion strategy in semiconductor industry.

Vodafone Idea Sets Floor and Cap Prices for FPO Amid Market Speculation

In a major development, Vodafone Idea Ltd. has revealed the floor price and cap price, alongside the lot size, for its upcoming follow-on public offering (FPO). The telecom giant witnessed a decrease of more than 3.25% during early trading on Wednesday, settling at ₹12.51, thus holding a market capitalization exceeding ₹61,000 crore.

Bondada Engineering Share Price Surged by 1423.2%, Know Why?

Bondada Engineering, standout in integrated infrastructure sector, witnessed extraordinary surge in its share price, soaring by impressive 1423.2% since its debut on BSE SME platform in August 2023. Investors who were part of IPO allocation saw significant gains, potentially earning 18.3 lakhs in just over eight months.