Recommended Stock Pick of the Week – Petronet LNG Limited
Petronet LNG Limited – Techno Funda Report
SHORT TERM PERSPECTIVE:
|PETRONET||Buy||Rs 342||Rs 395/405||2-3 Weeks|
Petronet LNG Limited, one of the fastest growing world-class companies in the Indian energy sector, has set up the country’s first LNG receiving and regasification terminal at Dahej, Gujarat, and another terminal at Kochi, Kerala. While the Dahej terminal has a nominal capacity of 10 MMTPA [equivalent to 40 MMSCMD of natural gas], the Kochi terminal has a capacity of 5 MMTPA [equivalent to 20 MMSCMD of natural gas]. The company is in the process to build a third terminal at Gangavaram, Andhra Pradesh.
Source: Capitaline Database, Elite Research
Intermediate trend is up in PETRONET, from last couple of week stock is trading in a consolidation mode and after a correction and it is trying to make a base around 100DMA, which has been act as a major support in previous days. All the indicators and chart pattern shows that it is set for fresh break towards the higher level. Hence we can initiate a buy position at current levels with a stop loss of 342(closing basis) for the target of Rs 395-405. Time frame should 2-3 week.
DISCLOSURE IN PURSUANCE OF SECTION 19 OF SEBI (RA) REGULATION 2014
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