IGL Stock is Supported by Rising Trendline, Strong Buy Recommended near 357 Level

IGL is our short term recommendation, this stock has been continuously trending up, Which is supported by rising trend line. Since the stock is in long term uptrend we will focus only on buying signals generated by slow stochastic indicator. If we look at weekly chart we see, IGL has faced resistance at 355 to 365 zone. So this zone for now will act as support level for stock, hence bounce in expected in short term may be 3 or 5 trading sessions. Also 23.6% Fibonacci retracement level is at 366 level, so we are very much sure that this (355 to 365 level) is bottom zone for IGL in short term. RSI indicator is showing bullish divergence so near term downward momentum is slowing down. Right now RSI is below 30 level (Oversold zone) this also confirms that IGL stock must bounce from current levels, however we may see some small consolidation, which will be best time to enter this stock. Taking a look at fundamentals we have seen no change there and fundamentals are quite attractive even at current levels.

Hence we recommend traders to accumulate IGL for very short term (3 to 5 trading sessions) in 355 to 360 range for trading targets as 376 and 386 levels. Stop loss can be placed for this positions just below 349. This long positions can also be taken on IGL December future contracts, but trade according to spot levels. Stop loss in this trade is very strict.