The stock of Petronet LNG started its latest leg of rally three weeks back. It rebounded by taking support at ₹212. The rally extended and resulted in the stock decisively breaching the resistance at ₹234 on Wednesday. This is likely to induce more positive momentum, lifting the scrip further up from the current level. The price action hints at a rally on Thursday too, making it a good stock to buy for intraday.
Traders can go long in Petronet LNG at the current level of ₹236.8. Add more longs when price dips to ₹234. Place stop-loss at ₹230. Book profits at ₹245. But do not buy the stock if it opens below ₹234 on Thursday.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.