Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Indraprastha Gas Limited (IGL) currently trades at 428.35, approximately 25% below its 52-week high of 570.35 reached on September 2, 2024. The recent formation of a Bearish Engulfing pattern indicates a bearish sentiment, suggesting potential further declines. The stock's recent volatility is highlighted by sudden price drops, particularly a decline from 480.00 to 428.35 within a week. The RSI is in oversold territory, indicating a possible rebound, while the Momentum indicator remains negative, suggesting caution. Key resistance is around 479.57, with solid support at 494.02 and 439.72. The ATR of 32.99 indicates significant volatility, so traders should monitor for reversals near these support levels. A failure to reclaim 450 could lead to tests at 426.55 or lower. Overall, cautious trading strategies are recommended until clearer bullish signals emerge.
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