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We recommend a buy in Petronet LNG at current level. It is evident from the weekly chart that it had consolidated sideways in a broad range of Rs 40-70 for almost two years (October 2005 and September 2007). Last month, the stock broke out of the aforementioned sideways consolidation range and marked a all-time high at Rs 92 levels. However, the stock has been on a short-term down trend since its all-time high and is likely to find support around Rs 70. From the daily chart, we note that the stock has been on a steady medium-term uptrend since April low of around Rs 40 level. The immediate support for the stock is at Rs 68 levels and the subsequent support is at Rs 58. Short-term investors can buy the stock with stop loss at Rs 68. Given that the medium term up trend is in intact, we expect the stock to move up to Rs 92 in the short term, with a minor pause around Rs 82 levels.

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