Buy Petronet LNG above Rs 137; target of Rs 143: IIFL

IIFL is bullish on Petronet LNG and has recommended to buy the stock above Rs 137 with a stop loss of Rs 134 for the target price of Rs 143, in its April 26, 2013 research report.

"Petronet LNG, the recent correction in the stock price from the January peak of Rs169 has landed it in the support zone of Rs127. With an appearance of ‘inverted hammer’ on daily candlestick chart, a trend reversal is confirmed and is likely to be followed with positive momentum in the short term. The daily RSI is also supporting buying argument with positive crossover along with impressive volumes. The stock is trading below the downward sloping trendline and hence forth same level is now likely to turn into resistance. We advise buying the stock only above Rs137. (Duration 7 days)," says IIFL research report.

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