buzzing stocks-Petronet LNG Ltd is correcting toward supports 363-344

Petronet LNG Ltd stock chart Petronet LNG Ltd stock is trading at 379 with 1% loss on NSE. The stock is a top loser in F&O segment. PETRONET stock is in a strong uptrend and we saw high up to 411 recently. The stock had given bullish trend breakout at 344 and achieved its 363-382 and 402 targets on the upside. Now it is correcting on profit booking. Petronet LNG Ltd stock on downside have support at 363 and 344 while on upside 382 is immediate resistance. To me, the stock looks bearish and made short term top.   For stock future traders 382-385 is the best zone to go short with stop loss for short term target of 363 and medium term target of 344. If sustain above 382 for more than 2 sessions then expect 402 and 421 targets on the upside on sharp short covering rallies. Options traders can buy Petronet LNG 380 put options on the decline with stop loss. Which is today rallied from low of 3.65 to high near 9 rupees.   Petronet LNG Ltd weekly chart also suggesting the stock is topped out from medium to long term view. Here there is more downside than upside. Here below 390 rupee level, downside up to 330 to 290 is possible in medium to long terms. For stock tips on WhatsApp with live support and follow-ups join our intraday tips service.

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Pramod Baviskar

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