Petronet has been in corrective phase for last 9 months. After posting an all time high of 275 in Nov' 17, the stock has corrected almost 25% in last 9 months. Last month the stock formed a perfect Doji Star on monthly chart. This month it is likely to close above last month close which will result in Bullish Engulfing candlestick pattern. Also the stock is consistently taking support around 21 months moving average. All these technical observations indicate that the stock is likely to resume its uptrend & can move towards 300 in coming 2-3 months. So the stock can be bought in the range of 225-235 for target of 300. However if the stock closes below 219 this month, Bullish Engulfing candle will not form & candlestick analysis will get negated.
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