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Price and trend forecast of PETRONET for Tomorrow, Weekly, Monthly

Petronet LNG Limited

Symbol: NSE:PETRONET

ISIN: INE347G01014

305.45

As on 2024-04-12

191.70 (52W Low) 315.20 (52W High)

PETRONET's Today's Performance

Petronet LNG Limited started the day by opening at 303.00 today 2024-04-12. Its shares reached a high of 315.20 and dipped to a low of 302.90 in intraday. When the markets closed, PETRONET’s stock price settled at ₹305.45 per share. Also check out its key support and resistance levels.

PETRONET Buy/Sell Targets

Tomorrow, buy PETRONET when its price reaches ₹ 305.45 with a stop-loss order at ₹ 298.39. You can set the target price as ₹ 312.51 to capture potential gains. This buy position balances the risks and rewards evenly, aiming for a 1:1 risk-reward ratio.

In the sections below, we will discuss detailed share price target of PETRONET for tomorrow's session along with weekly support and resistance. Please note that these share targets analysis is only valid for tomorrow and the current trading week and month.

Important Resistance for PETRONET

Resistance Levels Value in ₹
Tomorrow Resistance 1 313
Tomorrow Resistance 2 320
Tomorrow Resistance 3 325

Important Supports for PETRONET

Support Levels Value in ₹
Tomorrow Support 1 301
Tomorrow Support 2 296
Tomorrow Support 3 288
Based on where the stock opens tomorrow, if PETRONET opens on a positive note, our first target will be ₹313. If Target 1 is achieved, we will aim for Target 2 which is ₹320.

But if PETRONET falls below the average value of ₹307.85, you can enter a sell side position with target number 1 - ₹301 and second target - ₹296 This average value also act as support and resistance level. When the stock is trading above the average, it will act like support area. Another important thing is, stocks usually get back to this average value when the price trades too far from avg. In simpler words we can consider the average price as a magnet.

Daily Volume chart of PETRONET

Looking at PETRONET, we've seen a Increasing trend in its trading volume over the past week, which really tells us how active traders have been with this stock.

In terms of its price, PETRONET has been on a Upward path, giving us insights how its value changes in the market.

Based on this, the predicted sentiment for PETRONET is moderate bullish.

Tomorrow's Volume based share price Forecast for PETRONET

PETRONET's Volume is currently in a Increasing trend, and Price is in a Upward direction. Therefore, we can say the stock is in a moderate bullish trend. Volume trend strength over the last month compared to the last week is -5%.

Reversal detection for PETRONET

Predicted trend chart of PETRONET tomorrow for price forecast
PETRONET may trend may continue to be bullish since stock is making higher highs and we can get target of ₹300 in morning tomorrow
Target 1 tomorrow313
Target 2 tomorrow315
Target 3 tomorrow320
 

Investferry’s trend analysis method detects short term overbought and oversold situations to identify reversal in stocks. Use this as reference for short term counter trend trades.

Combine this trend forecast with PETRONET's tomorrow's target prediction and you will have a base for what can be done in the upcoming trading session.

Based on where the stock opens tomorrow, if PETRONET opens on a positive note, our first target will be ₹312.80. If Target 1 is achieved, we will aim for Target 2 which is ₹320.15.

But if PETRONET falls below the average value of ₹307.85, you can enter a sell side position with target number 1 - ₹300.50 and second target - ₹295.55

PETRONET's Weekly Targets
1st Up Target 321.37
2nd Up Target 337.28
1st Down Target 283.37
2nd Down Target 261.28

As the week for PETRONET ended on bullish sentiments, we can expect further continuation of this sentiment. PETRONET's initial target will be 321.37 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 283.37 in the upcoming week.

Weekly OHLC Values
Open 278.00
High 315.20
Low 277.20
Close 305.45

Week for PETRONET started with an open price of 278.00, and the close was at 305.45. PETRONET reached the highest of 315.20 and dipped lowest up to 277.20 last week. This indicates a bullish sentiment for the week.

PETRONET full month swing targets
Monthly Up Target 1 359.37
Monthly Up Target 2 375.28
Monthly Down Target 1 245.37
Monthly Down Target 2 185.28

Targets of ₹359.37 can be expected to be reached in the coming month. Once PETRONET achieved this target, we can aim for the next upside target of ₹375.28.

PETRONET if fails to hold upside, down targets of ₹245.37 and ₹185.28 can be achieved by end of this month.

For complete three weeks if PETRONET is bullish, the stock may decline in the last week on the month as traders usually close their positions. So in this case, you should aim for weekly support level which will act as targets here.

Related Stocks in the Same Sector as PETRONET

Symbol Name Industry
RELIANCE Reliance Industries Limited Oil & Gas Refining & Marketing
ADANIENT Adani Enterprises Limited Thermal Coal
ONGC Oil & Natural Gas Corporation Limited Oil & Gas Integrated
COALINDIA Coal India Limited Thermal Coal
IOC Indian Oil Corporation Limited Oil & Gas Refining & Marketing

Summary

PETRONET is expected to reach the target of 312.80 in tomorrow's trading session.

After achieving the initial target in PETRONET, we will aim for higher targets of 320.15 tomorrow.

However, if PETRONET starts to trade below ₹307.85, then we will shift our focus to the sell side and aim for down targets of 300.50 and 295.55.