IGL, MGL, Guj Gas likely to outperform OMCs; Charts show up to 17% upside

Oil & Gas stocks outlook: Indraprastha Gas and Mahanagar Gas are awaiting a breakout from a narrow trading band, show technical charts.

Shares of city gas distributors - Indraprastha Gas, Mahanagar Gas, Gujarat Gas, BPCL, Indian Oil (IOC) and HPCL - were trading with steady gains of up to 3 per cent in intra-day deals on Monday in a positive trending market.

Here's a chart check on these stocks for potential upside targets and key levels to track.

Indraprastha Gas (IGL)

Current Price: Rs 535

Upside Potential: 10.3%

Support: Rs 514; Rs 505

Resistance: Rs 540; Rs 557

Indraprastha Gas stock is seen consolidating in a tight range of Rs 514 - Rs 540 since the start of July; after a sharp 21.5