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Why PETRONT LNG share tanked 8%? Let know the technical outlook.

Petronet LNG Ltd

NSE :PETRONET   BSE :532522  Sector : Gas Distribution

PETRONET Share prices tanked 8% and closed at 228.30 on NSE. The state-owned oil marketing and distribution company reported an 11.6 per cent year-on-year (YoY) decline in consolidated revenue from operations at Rs.7,575 crore and total volumes were flattish YoY (down 7.2 per cent QoQ). The company’s reported profit after tax was up 73.6 per cent YoY at Rs.623.4 crore. On Wednesday after the firm reported a disappointing set of numbers for the March quarter (Q4FY21). 

What’s Ahead? Technical outlook of PETRONET:

Stock has underperformed Nifty in the last few trading sessions, comparative relative strength indicator shows weakness in the stock. As the company announced results which were not according to market expectations stock breached support level of 234 which will now act as stiff resistance for the stock. As we have seen sharp sell off today in the next trading session on 10th June we may see short covering in the stock and stock can head towards resistance level at 234, if stock sustains below 234 level it can drag further towards lower levels at 220. In short Intraday traders can short sell stock around 232- 234 level for target 220 with stop loss placed above 237.

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