Buy Indraprastha Gas, target Rs 600: Shubham Agarwal

Shubham Agarwal of Motilal Oswal Securities told CNBC-TV18, "The short-term trend in Indraprastha Gas is still negative, so for more buys to emerge, we need at least a day’s rebound which is very much probably to happen in a few days. But till then, IGL is one of the stocks which is placed very well. The level of Rs 520-530 was an important resistance from where we did see a breakout happening. The recent pull-back seems to be very temporary in nature.""Yesterday, with the three-year doji getting formed on the daily chart, all of these things combined makes us believe that the short-term trend remains positive and it is a good opportunity to buy. We expect a target of Rs 600 with a timeframe of two to three weeks and for this long-trade one can keep a stop loss at Rs 530," he said.