Gas stocks in focus: Adani Gas, GAIL, Petronet can see up to 15% upside

The likes of Adani Total Gas, GAIL India, Petronet LNG, Indraprastha Gas, Gujarat Gas can witness 6-15 per cent upside as per the daily and weekly chart patterns

Shares of gas-related sector were in focus on Friday after the government announced a 62 per cent hike in natural gas price for the second half of the fiscal year on Thursday. 

The price of domestic-produced natural gas was hiked to $2.9 per million British thermal units (mBtu) for the October 2021-March 2022 period on Thursday. The ceiling price of natural gas produced from deepwater, ultra-deepwater, and high pressure-high temperature (collectively called difficult) discoveries has also been hiked to $6.13 per mBtu. READ THE FULL STORY HERE

Adani Total Gas Ltd (ATGL)
Likely target: Rs 1,525 and Rs 1,650

Upside potential: 7% to 14%

The counter is witnessing minor selling pressure near Rs 1,450-level and once that hurdle gets toppled, the breakout can trigger a rally towards Rs 1,525 and Rs 1,650 levels, according to the daily chart. The support stays at Rs 1,350 level. A positive crossover of the 100-day moving average (DMA) with 50-DMA may trigger a sharp upside in the shares of Adani Total Gas Ltd.  CLICK HERE FOR THE CHART
 
GAIL (India) Limited (GAIL)
Likely target: Rs 180 and Rs 195
Upside potential: 6% to 15%

The stock has successfully managed to stay above its 200-weekly moving average (WMA) placed at Rs 141 level. In addition, the positive crossover of 50-WMA with 100-WMA has a breakout mark at Rs 170. As and when this crucial level gets crossed, the bullish sentiment may trigger a jump towards Rs 180 and Rs 195 levels, as per the weekly chart. The closing basis support for the stock comes at Rs 155 and next falls at Rs 151 level.  CLICK HERE FOR THE CHART

 
Petronet LNG Limited (PETRONET)
Likely target: Rs 250 and Rs 265
Downside potential: 7% to 13%

Shares of Petronet LNG have crossed the 200-DMA with rising volumes. This reflects a bullish bias supportive of likely gain in the direction of Rs 250 and Rs 265 - the next significant resistance points, as per the daily chart. In addition, a bigger outlook symbolizes a formation of “Inverse Head and Shoulder” suggesting a stable reversal that could see higher levels in upcoming trading sessions, as per the daily chart. The closing basis support stays at Rs 229.  CLICK HERE FOR THE CHART
 

Indraprastha Gas Limited (IGL)
Likely target:  Rs 560 and Rs 580
Upside potential: 6% to 10%

The stock trades in a consolidation range of Rs 600 to Rs 480 levels, according to the weekly chart. On the downside, this pattern has a support around 50-WMA, currently placed at Rs 515. As long as this support is held on a closing basis, the shares of Indraprastha Gas Limited may see a sharp recovery towards Rs 560 and Rs 580 level. CLICK HERE FOR THE CHART
 
Gujarat Gas Limited (GUJGASLTD)
Likely target: Rs 700
Upside potential: 10%

The shares of Gujarat Gas Limited have risen above the oversold territory of the Relative Strength Index (RSI) exhibiting a positive bias for upcoming trading sessions. The closing basis support at Rs 620 may hold the upside bias, according to the daily chart. Likewise, a close above Rs 640 may trigger a bullish rally towards Rs 700 levels. CLICK HERE FOR THE CHART