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I am holding Petronet LNG at ₹262. I would like to know the long-term outlook.
S Jayaraman
Petronet LNG (₹215.8) : The stock of Petronet LNG was on a medium-term uptrend after bottoming out in March 2020. It met with a significant resistance in ₹270-₹280 band in early July 2020 and subsequently began to consolidate sideways in a wide range between ₹210 and ₹270. On the upside, the vital long-term resistance in ₹270-₹280 band had capped the stock’s upside in January this year. Since then, it has been in an intermediate-term downtrend. Short-term trend is also down for the stock.
An immediate support is in the range between ₹200 and ₹210 which could halt the progressing downtrend. An upward reversal between ₹200 and ₹210 can take the stock higher to the immediate resistance level of ₹240 and then to ₹250. You could average the stock at the above mentioned support band, with a medium-term stop-loss at ₹190. A clear breakthrough of ₹250 can take the stock northwards to the upper boundary of the sideways movement, that is ₹270-280 band, over the medium term. A further rally above ₹280 can pave way for an up-move to ₹300 and then to ₹320 over the long run. Key support below ₹200 is placed at ₹175.
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