Gas Sector Gathers Steam: IGL & MGL's Future Open Interest Jumps

21 Okt

IGL
● The stock has undergone a consolidation phase, formed an Ascending Triangle pattern.
● Following a breakout, it surged to an all-time high near ₹570 before experiencing a decline.
● Currently, a Rounding Top pattern has emerged, and after a gap down, the price is testing its trendline support.
● Importantly, there has been a notable increase in future open interest of about 25%, indicating that investors are eager to purchase at more favorable price levels.

MGL
● After encountering resistance around the ₹1550 level, the stock price dropped to ₹1200.
● From this support level, it made a strong recovery, breaking through resistance to achieve an all-time high close to ₹1990.
● However, selling pressure has led to a pullback to the previous breakout level.
● Like IGL, MGL has also experienced a significant rise in future open interest of approximately 16%.
● This trend suggests that investors are interested in accumulating shares at a lower price.