{"schema_version":"1.0","name":"IGL Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"a27063b6-1cbc-4d75-b2fc-73838db3977d","symbol":"IGL","name":"Indraprastha Gas Limited","exchange":"NSI","country":"IN","asset_type":"equity","currency":"INR","sector":"Utilities","industry":"Utilities - Regulated Gas"},"summary":"Price structure and the underlying tape currently reinforce the same downside read.","sections":[{"name":"Executive technical read","description":"Completed-week price state, Market Dynamics alignment, current price and the principal technical KPIs."},{"name":"Market Dynamics","description":"The proprietary relationship between completed price, underlying support, positioning zones and confirmation."},{"name":"Ticker evidence record","description":"Current application, comparable historical conditions, zone outcomes and practical review conditions."},{"name":"Adaptive technical 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":23,"completedEpisodes":22,"activeEpisodes":1,"medianExpectedMove":8.2,"averageExpectedMove":10.0,"averageWeeksToLargestMove":7.1,"horizons":[{"weeks":4,"sample":23,"expectedCount":13,"expectedPercent":56.5,"averageReturn":2.4,"medianReturn":3.1,"confidenceLow":36.8,"confidenceHigh":74.4,"confidence":"Mixed historical record"},{"weeks":12,"sample":22,"expectedCount":15,"expectedPercent":68.2,"averageReturn":1.8,"medianReturn":5.2,"confidenceLow":47.3,"confidenceHigh":83.6,"confidence":"Mixed historical record"},{"weeks":26,"sample":21,"expectedCount":12,"expectedPercent":57.1,"averageReturn":2.3,"medianReturn":6.2,"confidenceLow":36.5,"confidenceHigh":75.5,"confidence":"Mixed historical 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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":1,"completedEpisodes":1,"activeEpisodes":0,"medianExpectedMove":41.3,"averageExpectedMove":41.3,"averageWeeksToLargestMove":9.0,"horizons":[{"weeks":4,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-16.2,"medianReturn":-16.2,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-26.3,"medianReturn":-26.3,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-25.5,"medianReturn":-25.5,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":2.0,"sample":1},{"week":2,"averageReturn":1.9,"sample":1},{"week":3,"averageReturn":0.3,"sample":1},{"week":4,"averageReturn":-16.2,"sample":1},{"week":5,"averageReturn":-23.3,"sample":1},{"week":6,"averageReturn":-21.7,"sample":1},{"week":7,"averageReturn":-17.9,"sample":1},{"week":8,"averageReturn":-23.7,"sample":1},{"week":9,"averageReturn":-41.3,"sample":1},{"week":10,"averageReturn":-38.5,"sample":1},{"week":11,"averageReturn":-27.8,"sample":1},{"week":12,"averageReturn":-26.3,"sample":1},{"week":13,"averageReturn":-27.0,"sample":1},{"week":14,"averageReturn":-26.7,"sample":1},{"week":15,"averageReturn":-17.1,"sample":1},{"week":16,"averageReturn":-22.4,"sample":1},{"week":17,"averageReturn":-23.9,"sample":1},{"week":18,"averageReturn":-28.0,"sample":1},{"week":19,"averageReturn":-24.2,"sample":1},{"week":20,"averageReturn":-25.3,"sample":1},{"week":21,"averageReturn":-30.2,"sample":1},{"week":22,"averageReturn":-24.3,"sample":1},{"week":23,"averageReturn":-28.8,"sample":1},{"week":24,"averageReturn":-29.2,"sample":1},{"week":25,"averageReturn":-30.5,"sample":1},{"week":26,"averageReturn":-25.5,"sample":1}]},"currentApplication":{"status":"Evidence aligned downward","tone":"negative","headline":"Price and Market Dynamics remain aligned downward","use":"The downside remains supported until Market Dynamics repairs or price structure changes.","confirm":"The downside state remains confirmed until Market Dynamics repairs or price structure changes.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"accumulation","zoneContext":"Price is within accumulation conditions, but the completed tape has not yet confirmed a recovery. The zone is a watch area rather than a directional signal.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":73.3,"averageReturn":-4.0,"sample":15},"nowContext":{"label":"Easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price structure is downward","detail":"Price is responding in the same broad direction as Market Dynamics."}},"strategyApproach":{"headline":"Strategy observations from this ticker's own record","summary":"The current reading identifies the setup. The observations below show how this ticker's completed history can guide positioning, confirmation and risk control without treating any one reading as a forecast.","observations":[{"eyebrow":"Capital protection","title":"Treat agreement on the downside as a defensive condition","tone":"negative","approach":"Reduce the burden of proof for risk control and raise it for new long exposure. A short position still needs a defined entry, exit and maximum loss.","finding":"In this ticker's completed record, 73.3% of comparable cases moved lower after 12 weeks, with an average move of -4.0% across 15 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 66.7% of completed 12-week outcomes were higher across 3 cases. Distinct visits lasted 2.7 weeks on average before leaving the zone.","approach":"Build the thesis and entry conditions while price is in accumulation. Increase exposure only when price responds; location alone is not the entry.","watch":"A failed price response or renewed weakness removes the reason to increase long exposure."},{"eyebrow":"Disagreement playbook","title":"Use improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 10.0% across 22 completed cases, with the largest move arriving after 7.1 weeks on average.","approach":"Define the price level that would confirm the repair. Until that response occurs, keep the idea at watchlist or starter-position size.","watch":"The early repair fails if Market Dynamics fades before price responds."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[{"date":"2025-02-07","price":193.787796},{"date":"2026-05-01","price":166.020004},{"date":"2026-05-29","price":160.470001}],"distribution_rollovers":[{"date":"2024-09-13","price":248.786713},{"date":"2024-10-18","price":217.300507}],"price_pressure_gaps":[{"date":"2024-09-20","price":259.250031}]}},"smTape":{"available":true,"dates":["2024-08-23","2024-08-30","2024-09-06","2024-09-13","2024-09-20","2024-09-27","2024-10-04","2024-10-11","2024-10-18","2024-10-25","2024-11-01","2024-11-08","2024-11-15","2024-11-22","2024-11-29","2024-12-06","2024-12-13","2024-12-20","2024-12-27","2025-01-03","2025-01-10","2025-01-17","2025-01-24","2025-01-31","2025-02-07","2025-02-14","2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14"],"close":[249.7042,263.4033,258.4239,248.7867,259.25,264.3494,264.2772,260.0438,217.3005,198.9476,202.8683,212.8025,197.685,152.3071,159.322,187.0652,191.0598,189.1599,190.0368,215.0031,201.095,197.2953,186.6998,196.6133,193.7878,180.8978,196.2235,184.6099,183.6454,180.1282,193.0473,197.8993,192.9694,170.2683,172.402,173.6198,189.3645,194.577,203.8231,200.5397,201.3484,205.1871,193.7683,200.3838,208.6264,220.2887,212.7671,209.5422,195.8533,196.36,196.9738,198.8444,201.8842,201.4263,207.5546,209.2694,211.0747,198.4473,205.0897,212.1049,204.3048,207.1796,207.9449,208.0037,208.6513,197.6035,195.6216,188.1845,183.1904,190.3038,189.8819,190.6766,183.3082,177.4998,171.5638,174.5367,172.6627,163.3712,168.2,170.86,157.27,156.51,156.63,148.33,146.31,161.33,169.27,164.61,166.02,165.99,152.12,155.51,160.47,164.32,163.52,167.6,170.38,153.99,154.06,153.11,149.33,151.98,151.94,151.7],"consensus":[-18.9162,49.9505,0.0,-27.367,40.335,29.0713,13.5241,0.0,-69.8072,-74.2289,-27.8216,-9.633,-69.4591,-84.6946,-23.6242,0.0,0.0,-14.5902,0.0,53.9747,-25.9049,0.0,-36.4298,11.8709,-12.9575,-44.7117,26.7114,-35.2206,-11.4971,-20.9178,21.9276,21.8711,0.0,-51.5593,-19.7487,-29.6777,33.3155,27.0683,45.9092,14.4372,16.6356,29.5575,-28.0674,23.9247,42.5979,56.6686,0.0,0.0,-41.9285,-19.3288,-17.8826,0.0,16.7442,0.0,26.1923,24.7981,22.8382,-36.0814,18.2544,36.6317,-27.3691,16.17,8.8059,0.0,10.9152,-48.3294,-29.3404,-53.4321,-46.2665,0.0,-29.356,0.0,-38.0582,-51.9418,-58.3566,-20.3238,-28.4388,-65.998,-8.4569,-9.5542,-70.2928,-34.4011,-29.315,-68.301,-38.5304,33.9858,45.8007,-11.4484,15.1761,0.0,-57.1564,0.0,0.0,15.4992,12.9276,20.1368,28.8321,-48.2163,-14.4054,-30.4776,-43.2601,0.0,-23.5487,-15.218],"supportDates":["2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14"],"control":[18.1461,0.0,23.2585,23.3476,20.1385,-42.4411,25.2484,30.9622,-28.6758,12.0129,7.6218,0.0,7.8483,-46.5224,-23.2263,-56.904,-45.1773,0.0,-33.1876,0.0,-45.6211,-55.5915,-61.8819,-11.9493,-19.1951,-61.9437,-10.2989,-5.7749,-69.98,-33.0892,-23.9011,-65.838,-34.8547,32.5077,37.8265,-18.2748,4.7773,0.0,-57.109,0.0,0.0,22.6417,5.3033,11.1209,25.0085,-59.2218,-6.5866,-29.1019,-42.8925,0.0,-30.5625,-17.4401],"force":[21.4524,0.0,28.0156,18.9187,13.556,-53.276,31.2302,63.5259,-49.3422,19.272,5.6769,0.0,10.8605,-72.6654,-27.5139,-51.1543,-33.8015,0.0,-19.4372,0.0,-36.769,-45.1775,-51.4286,-12.4567,-12.3232,-82.8272,-39.1067,-18.1983,-87.1855,-14.6641,-5.5289,-82.426,-18.7455,87.9699,81.6538,-43.2457,17.6574,0.0,-76.6514,0.0,0.0,15.9452,9.7406,12.0564,16.7858,-47.3992,-2.302,-20.5355,-39.7512,0.0,-13.774,-5.5069],"direction":[11.779,0.0,28.2429,30.6555,32.5536,-16.5313,0.9927,23.901,-10.1806,18.7052,12.3941,0.0,14.4594,-33.0118,-37.6325,-51.0912,-56.4148,0.0,-32.062,0.0,-30.3356,-52.6024,-59.2764,-53.3092,-50.5141,-58.6106,-40.3258,-33.6964,-58.5842,-49.9983,-52.4925,-61.0267,-56.8634,2.8849,29.3046,-19.0654,25.288,0.0,-43.2854,0.0,0.0,7.0178,23.9173,36.2123,41.8066,-36.2221,-35.275,-39.1512,-46.1866,0.0,-22.515,-19.6149],"intensity":[7.6923,15.3846,40.3846,17.3077,26.9231,65.3846,32.6923,57.6923,38.4615,7.6923,7.6923,15.3846,19.2308,61.5385,53.8462,42.3077,51.9231,40.3846,59.6154,7.6923,42.3077,40.3846,34.6154,11.5385,23.0769,65.3846,28.8462,15.3846,92.3077,25.0,51.9231,65.3846,38.4615,98.0769,94.2308,32.6923,28.8462,9.6154,100.0,40.3846,80.7692,36.5385,1.9231,44.2308,25.0,100.0,5.7692,32.6923,38.4615,19.2308,19.2308,11.5385],"confirmation":[73.4803,24.6889,76.4818,75.7783,75.0665,79.9732,51.4636,80.6282,77.4079,73.3323,25.4072,0.8745,48.8713,84.2346,77.4264,84.9759,82.442,33.8279,77.0333,48.6468,80.0241,84.3596,86.4093,30.9563,76.7501,89.694,32.238,6.1514,91.0133,78.4268,54.0717,90.3243,79.7828,58.492,83.8704,31.2625,50.4238,3.3675,86.8849,6.8756,3.775,50.1978,49.4892,74.3349,76.9174,83.2366,27.3775,77.4708,81.7419,4.6316,75.1308,57.8733],"persistence":[12.5,25.0,12.5,0.0,25.0,25.0,50.0,62.5,37.5,50.0,50.0,37.5,37.5,37.5,12.5,12.5,12.5,25.0,50.0,50.0,75.0,75.0,75.0,75.0,75.0,87.5,87.5,100.0,100.0,100.0,100.0,100.0,100.0,75.0,50.0,50.0,25.0,12.5,12.5,0.0,12.5,12.5,12.5,37.5,37.5,25.0,25.0,12.5,0.0,12.5,37.5,62.5],"assessmentRisk":[26.0692,30.5961,31.7824,33.8396,33.5775,2.5914,28.0584,2.9291,25.11,38.2761,20.0846,32.2917,28.1908,21.6365,33.5562,23.1358,26.8438,43.8336,23.7356,25.8349,20.2186,23.5488,20.7821,39.7117,34.6261,16.6604,25.4795,26.1396,14.3532,24.2838,34.1904,15.8269,29.2134,12.7265,23.9639,54.5772,41.9754,28.4774,20.2302,39.7105,32.0241,19.5611,39.9342,36.8704,31.0818,18.7356,36.7347,33.652,28.2279,11.6025,4.0496,5.3597],"volumeParticipation":true,"latest":{"consensus":-15.2,"control":-17.4,"force":-5.5,"direction":-19.6,"confirmation":57.9,"persistence":62.5,"assessmentRisk":5.4,"intensity":11.5,"evidenceDepth":100},"analysis":{"status":"Joint downward confirmation","headline":"The gauges support the downward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same downward assessment.","take":"Current assessment: downward pressure has broad support.","tone":"negative","supportedView":"Price structure and Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is easing","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Developing","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-15.2","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-17.4","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-5.5","detail":"Commitment is limited","tone":"negative"},{"label":"SM Direction Gauge","value":"-19.6","detail":"Downward 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