May 23, 2016
Petronet LNG (NSE Cash)
Buy
` 249
` 262 - 260
` 285
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 09:55 IST)
Justification:
Last month, the stock had given a ‘Flag’ pattern breakout on weekly chart and rallied higher. However, after
making an ‘All-time high’ of `284.80, the stock has seen a decent correction of around 8 percent in last six
trading session. But, the downmove may get over in the counter as the stock is back to its breakout levels
(which will now act as a strong support) and forming a Bullish Harmonic pattern called ‘Bullish Shark’ on daily
chart. The Potential Reversal Zone (PRZ) of the mentioned pattern is placed at `260.80 - `261 levels. Volumes
are also high in the up move as compared to the down moves, indicating more of a buying interest in the
counter. Additionally, the ‘RSI’ oscillator is moving around its support of 40 levels and showing positive reversal
(need confirmation on closing basis) daily chart. Looking at above technical evidences, we are expecting
resumption in the uptrend. Hence, traders are advised to buy the stock at current levels and on declines to
`260 for a target of `285. The stop loss for the trade set-up can be kept at `249.
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May 23, 2016
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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