IGL has opened lower today by 30% and we are seeing more downside in this stock in short term, however IGL on weekly chart has support near 230 level. So on approaching this support we see IGL temporarily bouncing towards 245 and 270 level. On chart 230 level is 38.2% Fibonacci retracement level, but we are not confident that this level held for long time, our short term strategy on IGL will be look every bounce in stock as short selling opportunity. But for long term stock is still bullish and investors need to keep buying in small quantities till bottom like situation is formed. Petroleum and Natural Gas Regulatory Board has ordered IGL to lower the natural gas prices. I think this is due to coming election in New Delhi and after election are over again IGL will see good positive move (its my view not analysis or fact). Look at IGL chart shown below, this is how stock may move.
About Bhaveek PatelBhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.
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