IGL (₹442.45)

Bounces off a key support

The stock of Indraprastha Gas Ltd (IGL) witnessed rampant sell-off in October as it lost nearly 25 per cent for the month. However, since the start of November, the price has shown some recovery. Notably, the rebound happened on the back of a long-term trendline support at ₹410. The stock may not surpass the prior high of ₹570.60, made in September.

But the probability of the price recovering to ₹500 is high. This provides a good short-term buying opportunity. Buy IGL shares at ₹440 and accumulate at ₹420. Place stop-loss at ₹400. When the price goes up to ₹460, revise the stop-loss up to ₹440. Tighten the stop-loss further to ₹460 when the stock reaches ₹480. Exit at ₹500.

JSW Energy (₹712.1)

Bulls gaining control

The bear trend in JSW Energy seems to have worn out as the stock formed higher high, breaking out of a range, last week. The buying volume is good, indicating that the price is likely to appreciate further. While there is a possibility for the price to moderate, potentially to ₹675, we expect the stock to eventually pick up positive momentum in the days to come.

The price can rise to ₹830 over the next few months. Therefore, go long at ₹710. Add more shares to the holdings if the price drops to ₹670. Place stop-loss at ₹620. Raise the stop-loss to ₹700 when the stock touches ₹750. Move the stop-loss further higher to ₹750 when the price hits ₹780. Book profits at ₹830.

Max Financial Services (₹1,217.9)

Supports ahead

The stock of Max Financial Services, which has been in a steady uptrend since April 2023, saw a price correction last week. The chart hints at further decline in price. However, this is likely to be arrested at either ₹1,200 or ₹1,150, which are the key supports. Until ₹1,150 holds good, the uptrend will not come under strain.

We anticipate a recovery from either ₹1,200 or ₹1,150 which can take the stock to ₹1,400 in the next few months. So, buy the stock of Max Financial Services at ₹1,200. Buy more shares in case the price softens to ₹1,150. Keep stop-loss at ₹1,100. When the stock rises to ₹1,300, alter the stop-loss to ₹1,250. Modify the stop-loss to ₹1,300 on a rally to ₹1,350. Liquidate at ₹1,400.

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