Bhavin Desai of Motilal Oswal Securities told CNBC-TV18, "We have not been seeing a lot of action on Indraprastha Gas (IGL). It has been waiting around in consolidation, waiting for probably a cue and it seems like whatever action that has happened, especially in yesterday’s trade, it has actually led it to break beyond this consolidation. There were decent amount of volumes indicating that the participants were there; it was not a hollow rally. About Rs 490-495 was something that we were looking at; if this taken out then chances are that the time it has spent, about three to three and half months, it could actually give returns as well.""It opens up headroom up to about Rs 540. A short-term trade can be initiated on IGL now with about Rs 482 as a stop loss and Rs 540 as a target," he added.At 10:08 hrs Indraprastha Gas was quoting at Rs 500.10, down Rs 0.25, or 0.05 percent. It has touched an intraday high of Rs 510.65 and an intraday low of Rs 496.50.
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