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.)