Go long in Indraprastha Gas, short Hero MotoCorp: Navneet Daga

Navneet Daga of IIFL told CNBC-TV18, "The markets are pricing some kind of a better announcement for Indraprastha Gas (IGL). The kind of build up and the volume build up as well as the futures build up, it is looking likely that the stock might head for the higher targets on the next coming few days. So, to my understanding, there has been a consolidation between the range of Rs 550 and Rs 600. It just almost broke out of that range. At the current prices, somewhere near to Rs 610 levels, it is a good entry point for that particular stock where the target price of Rs 645 on the higher side and stop loss on the lower side is Rs 592.""IGL seems to have a breakout and that seems to be the good trade on the long side as the volume build up as well as the F&O futures build up is there. It is looking like it is heading for a Rs 645 on the higher side. So, as a trader, one can go long with a Rs 645 as the target with a stop loss of Rs 592 on the lower side," he said."On the short side, I will take a trade on the stock like Hero MotoCorp which has made a double top on the higher side of Rs 3,170. It is waiting to breakdown below the levels of Rs 3,000 at this point in time. So, we will make a short trade on that with a stop loss of Rs 3,070 on the higher side and a target of Rs 2,950 on the lower side."