The short-term outlook for the Power Grid Corporation of India stock is bullish. The stock has risen 2.5 per cent on Wednesday signalling the upmove. The immediate support is at ₹214. The next strong support is in the ₹211-₹210 region, limiting the downside in the near-term.
A break below ₹210 looks unlikely as new buyers are in the sidelines to enter at lower levels. As long as the stock trades above ₹210, the chances are high for it to rise towards ₹230-₹235 in the next couple of weeks.
Traders with a short-term perspective can go long at current levels and accumulate on dips at ₹212. Stop-loss can be kept at ₹208 and trail it further up to ₹219 as soon as the stock moves up to ₹224. Move the stop-loss further up to ₹223 once it touches ₹227 on the upside. Book profits at ₹228.
The region between ₹230 and ₹235 is a strong short-term support. The rally from here can halt and see a reversal from the ₹230-₹235 region. As such, traders should exit the long positions as suggestedrather than waiting for higher levels.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)