One can go long in Petronet around Rs 214-218 with stop loss of Rs 190 for the target of Rs 255, says Shabbir Kayyumi of Narnolia Financial Advisors.
In Petronet LNG, selling seems to be absorbed by buyers after giving 25 percent correction from the peak of Rs 275. The stock is bottomed out near 38.2 percent Fibonacci retracement of the entire upward swing from Rs 87 to Rs 275 which is supportive for the Bulls.
The emergence of Tweezer bottom near the same suggests a reversal in the coming sessions. Strong support is seen near Rs 195-200 zone due to point of polarity.
Positive divergence in RSI and declining Histogram in MACD also indicate buying. One can go long in Petronet around Rs 214-218 with stop loss of Rs 190 for the target of Rs 255.
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