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Power Grid Corporation of India (₹204.8): Buy
The stock of Power Grid Corporation of India jumped 3.7 per cent accompanied by above average volume on Monday, breaking above a key long-term resistance at ₹200 as well as a medium-term downtrend-line.
This rally has strengthened the short-term uptrend and provides buying opportunity at current levels for traders with a short-term perspective.
The daily relative strength index features in the bullish zone and the weekly RSI is on the brink of entering this zone from the neutral region. Both the daily and the weekly price rate of change indicators hover in the positive terrain implying buying interest. There has been an increase in daily volume over the past two weeks.
The short-term outlook is bullish for Power Grid. Targets are ₹213 and ₹217.
Traders can buy with a deep stop-loss at ₹199.
Note: The recommendations are based on technical analysis. There is a risk of loss in trading.
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