Petronet LNG Ltd. CMP— Rs142.20
We recommend going long in this counter at current levels.
Technical Outlook:-
The share price movement of Petronet has registered a breakout from an upward sloping trend line and has closed at its all time high. This breakout has occurred with an increase in trading volume validating the said breakout. The momentum indicators of the stock are also in strong buy mode and the stock is also trading above all of its key moving averages which is also a sign of strength in the counter. We believe that the share price could test the levels of Rs 148 / Rs 151 in the near future Traders can look to buy at current levels with a stop placed below Rs 138.40.
Suggested Trading Strategy:-
We recommend traders to buy between Rs 142.50—Rs 141 levels with a stop loss placed below Rs 136.40 levels for targets of Rs 146 – Rs 150 levels, expected to be achieved over the coming 3 sessions
