Buy Petronet LNG on declines: Shardul Kulkarni, Angel Broking

Shardul Kulkarni, Sr Technical Analyst, Angel Broking, in a chat with ET Now speaks about Petronet LNG.

What about Petronet LNG?

Petronet LNG does remain a buy also. The thing is that yesterday the stock gave you a very strong breakout. Today is a pullback rally, so I would not be negative on this particular counter.

One can use this particular dip to be bullish into this stock but if you look at the Nifty futures, generally you will see that once the Nifty starts giving away, everything else around it just collapses.

So take sometime, wait, let’s see what happens to the Nifty future or the Nifty itself and then take a call in midcap stocks because trading stocks which are trader favourites, if the Nifty falls 1%, they will definitely fall much more than that.

So from that perspective, I will avoid this particular counter but just looking at plain the chart of Petronet LNG, this dip may be used as a buying opportunity if the Nifty favours buying.