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Indraprastha Gas Technical Analysis #61: Sell | Target Rs 327 | Arijit Banerjee


Sell Range338 – 333
Target320 – 310
Duration15 – 20 Trading Sessions
Potential Return^4 – 7%
CMP#IdeaSell RangeTargetStopLoss*DurationPotential Return^
333.25SELL338 – 333320 – 31035015 – 20 Trading Sessions4 – 7%

# CMP on June 17, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 327.
^ The returns are calculated based on CMP#


Indraprastha Gas Limited distributes compressed natural gas and piped natural gas to the transport sector, domestic, industrial, and commercial sector customers. It operates 500 CNG stations, serves 11.02 lac households and operates with 1006 kilometres steel pipeline network.

Stock Data
Sectoral IndexNIFTY 500
52W High350.8
52W Low215.2
Face Value10
Relative Performance_Indraprastha Gas vs Nifty 500


  • The stock price had failed to surpass the hurdle of last high around 350.
  • After resetting the resistance near 350 again during June 2019, the share price made a sharp U-Turn and started falling.
  • The turnaround of the price structure presents a fresh selling opportunity in the stock.
Indraprastha Gas Weekly Chart
Indraprastha Gas Weekly Chart


  • Technically the stock had been moving in the Lower top and Lower bottom formation indicating negative bias.
  • The stochastic indicator is showing a negative crossover and falling below overbought region which points out for a negative breath in the stock.
Indraprastha Gas Daily Chart
Indraprastha Gas Daily Chart


1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.


This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.


The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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