Short-term traders can look to buy the stock on dips for a possible target of Rs 1,500-1,600 levels in the next 3-4 months, suggest experts. MGL rose from Rs 1,018 on October 23, 2023, to Rs 1,345 as of January 24, 2024, an upside of over 32% in the last three months. The stock rose more than 8% in a week and over 14% in a month. It hit a fresh record high of Rs 1,386 on January 25, 2024.
Nifty, which had formed a bearish engulfing pattern on the weekly as well as on daily charts, opened Tuesdays trading session on a strong note with the index scaling above the 21,700 level.
Shares of City Gas Distribution (CGD) companies Indraprastha Gas (IGL) and Mahanagar Gas (MGL) tanked up to 11 percent on Friday following the Delhi government s approval of the electric vehicle (EV) policy for cab aggregators and delivery service providers.