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Home / Markets / Stock Markets /  Gujarat Gas, MGL among 3 oil & gas stocks to buy as suggested by Prabhudas Lilladher
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Brokerage and research firm Prabhudas Lilladher have suggested three gas stocks, based on the technical factors, that investors can look to buy, which are Mahanagar Gas Ltd (MGL), Indraprastha Gas Ltd (IGL) and Gujarat Gas Ltd.

Stocks to buy as recommended by Prabhudas Lilladher -

Mahanagar Gas (MGL): The stock has witnessed a decent pullback from the support zone of 670 levels and moving above the significant 50EMA level of 768 has shown prominent strength with upside movement anticipated in the coming days, the note stated.

The relative strength index (RSI) has indicated a reversal from the oversold zone and is on the rise with immense potential on the upside. With the chart looking attractive, the brokerage house suggests to buy this stock for an upside target price of 980 on MGL shares, keeping the stop loss of 740.

Indraprastha Gas (IGL): “The stock has maintained the support zone near the trendline support of 343 levels and witnessing a consolidation phase with improvement in the indicators," highlighted Prabhudas Lilladher. 

The RSI had indicated improvement and has potential to rise further in the coming days, therefore, it has suggested to buy and accumulate this stock for an upside target price of 410 on IGL shares, keeping the stop loss near 330 levels.

Gujarat Gas: The stock has taken support near the trendline zone of 400 levels and indicated a decent pullback to witness some consolidation near 440-450 zone with overall trend remaining intact. 

“The RSI indicator is well placed and has indicated strength with further upside potential in the coming days. We suggest to buy this stock for an upside target of 540 on Gujarat Gas shares keeping the stop loss near 405," the brokerage suggested.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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