Mahanagar Gas struggles below the cloud near ₹1,036

Mahanagar Gas closed at ₹1,035.70 after a positive session, but the daily trend remains under pressure. The stock is trading near the lower end of its recent range after failing to sustain the July rebound. Recent candles show intermittent buying near ₹1,000, yet each recovery attempt has stalled before producing a meaningful higher high. This keeps the structure neutral-to-bearish rather than signalling a reliable turnaround.

The Ichimoku setup remains restrictive. Price is close to the Tenkan-sen near ₹1,036, but the Kijun-sen around ₹1,062 is still above it. The cloud is also overhead, beginning near ₹1,049 and extending towards ₹1,096. This places several resistance layers above the current price and means the stock has to reclaim more than one level before the trend can improve. ₹1,000–₹1,036 is the immediate support band. A close below ₹1,000 can increase the risk of a move towards ₹950. On the upside, ₹1,049 is the first hurdle, followed by ₹1,062. Gas-volume growth, regulatory tariff decisions and changes in input-gas costs remain key operating factors for Mahanagar Gas.