ICICIdirect has recommended 'Buy' on Petronet LNG in the range of Rs 188-192 with target Rs 228 in three months time.

Commenting on the investment rationale, the stock broker said, "Oil & gas stocks have been witnessing continuous buying momentum in the last couple of months. Despite intermediate profit booking, stocks have been exhibiting significant resilience. Gail, Indraprastha Gas & Petronet are expected to remain positive in the days to come with Petronet likely to move towards Rs 228 in the near term.

As the stock has now successfully breached these levels with higher volumes, we expect a fresh up trend to be seen in the near term The stock has given a range breakout after consolidating for four months with the pivot at Rs 185."

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.