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Petronet is in the down trend since last 6 months.
On 04/05/2018 . it formed a bullish hammer candle stick pattern, with lower tail is more than double the body of the hammer. It has a small upper shadow also. The hammer is formed with increased volume.
Entry just above the high of the hammer atRs. 220.75.
Stop loss is low of the hammer at Rs. 214.
Risk is Rs. 6.75.
First target is 1.5* risk at Rs. 230.85.
Second target is 2* risk at Rs. 234.25.
Duration expected is one week.
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