IGL shares trim early gains; should you buy, sell or hold post Q4 results?

Shares of Indraprastha Gas Ltd (Ltd) surged 7.09 per cent in Wednesday's early deals to trade at Rs 468.20. The stock gave up a major chunk of its gains as the session progressed and was last seen trading 2.70 per cent higher at Rs 449.

The country's largest CNG (Compressed Natural Gas) retailer has reported a 16 per cent rise in its standalone net profit during the fourth quarter (Q4 FY24), at Rs 382.8 crore, as against Rs 329.75 crore in the year-ago period.

Revenue from operations for Q4 FY24 stood at Rs 3,964.4 crore in March 2024 quarter, registering a fall of 2.25 per cent compared to Rs 4,056 crore in the corresponding period last year.

On technical setup, immediate resistance on the counter could be seen at Rs 465. A decisive closing above the mentioned resistance level is required for further upside. Strong support may be found at the Rs 430-420 zone.

"The stock has an intermediate resistance at Rs 465. One should wait until it surpasses the said level decisively on a closing basis," Mitesh Panchal, a Sebi-registered analyst, told Business Today TV.

"The Rs 430-420 zone is likely to be seen as strong support and sustainability above the same may attract buyers in the comparable period. On the flip side, the Rs 480-500 area remains a daunting task in the short-term timeframe," Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One

"IGL can see Rs 495 level in the near term. One can buy at current levels, keeping stop loss placed at Rs 455," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.

"IGL has strong support at Rs 428.7. A daily close above resistance of Rs 475 could lead the stock to an upside target of Rs 516 in the near term," said AR Ramachandran from Tips2trades.

"Support will be at Rs 435 and resistance at Rs 470. A decisive close above Rs 470 level may trigger a further upside till Rs 490. The expected trading range will be between Rs 425 and Rs 500 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.

As of March 2024, promoters held a 45 per cent stake in the natural gas distribution firm.