Shares of Power Grid Corporation of India Ltd gain as much as 3.32 per cent to ₹208.3, highest since May 31, 2018. The stock breaks above a resistance at ₹205.55, the 23.6 per cent Fibonacci projection level of the uptrend from August 2, 2013 low to August 8, 2017 high.
At 11.05 am, the stock of Power Grid was trading higher by 2.60 per cent at ₹206.80.
The breakout is supported by volume as the 5-day average volume is about 24 per cent higher than the 30-day average volume. Breakout suggests that, in the near term the stock may test next resistance at ₹226 rupees, the 38.2 per cent projection level.
Trend intensity(TI) indicator rises two points to 22, suggesting prices are trending upwards. MACD is positive and above its signal line.
The stock is up 8.6 per cent in the past month to Monday's close, outperforming the broader NSE Index's 4.3 per cent gains in the same period.
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