Positive on IGL: Deepak Mohoni

In an interview with ET Now, Deepak Mohoni, Director, trendwatchindia.com, talks about IGL.

IGL, do you think it has the legs to go if indeed the market is in a bit of an intermediate downtrend?

It has been holding out between 300 and Rs 360-370 for the last 3-4 months. If it even manages to remain in this range while the market corrects or declines, then it has an excellent chance of continuing because it has had a tremendous bull market. It has been rising quite steadily with hardly any decline for the last 17-18 months, in fact more than that, two years, so it does have a longer term uptrend and any favourable market conditions you would be seeing this going up, so at the moment it will be difficult for it to perhaps breakout and start a big move but if it remains where it is, that itself would be good news.