Buy Mahanagar Gas November futures at Rs. 840-844
Target: Rs. 900
Stop loss: Rs. 805
Time frame: Till November expiry
In the current leg of the rally from 11600, most of the beaten down stocks did well and saw decent pullbacks. Stocks from the oil & gas universe were no exception with IGL and MGL reverting sharply.
However, IGL comparatively outperformed whereas MGL has been consolidating above Rs. 800 levels for a couple of sessions. We feel a pick-up in domestic gas demand and CNG due to Unlock 5 would act as a sentimental booster.
For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_DerivativesStrategy_MGL_Oct20.pdf
Shares of Mahanagar Gas Ltd was last trading in BSE at Rs.822.9 as compared to the previous close of Rs. 842.05. The total number of shares traded during the day was 31229 in over 2158 trades.
The stock hit an intraday high of Rs. 850.1 and intraday low of 818.05. The net turnover during the day was Rs. 25941554.