Business Daily from THE HINDU group of publications
Thursday, Jan 24, 2008
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Business Daily from THE HINDU group of publications Thursday, Jan 24, 2008 ePaper | Mobile/PDA Version |
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Stocks Markets - Recommendation
We recommend a buy in Petronet LNG at current market price for a medium-term prospective. From the charts of Petronet LNG, we note that the stock had steep decline in a short span of less than two weeks from its all-time high of Rs 121 (recorded on January 4) to a low of Rs 56 (recorded on January 22). However, on January 22, the stock surged by 15 per cent along with the broader market. We also see that there is an increase in volume over the past three trading sessions. The stock’s recent upward bounce has formed a bullish harami candlestick pattern, which is a short-term bullish reversal pattern. The daily momentum indicator is showing signs of recovery from the oversold region. The immediate support for the stock is at Rs 63 and the next support is at Rs 56 levels. We believe that the downside is limited in this stock. Taking into account the stock’s recent surge, which is accompanied by good volume and the fact that the momentum indicators are featuring in the oversold region, we expect the stock’s up move to continue further to the immediate resistance level of Rs 95 in the medium-term. The short-term investors can buy the stock while keeping the stop-loss at Rs 56.Yoganand D. BL Research Bureau Petronet may seek board nod for power plant at Dahej Petronet to get $150 m loan from IFC Supply to Dabhol: Petronet signs LNG pact with RasGas Mitsui, Exmar in race for Petronet LNG deal More Stories on : Stocks | Recommendation | Petroleum
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