Top buzzing stock: Power Grid Corporation of India
The stock of POWERGRID is bullish today and has soared nearly 3% today.
Power Grid Corporation of India Limited is engaged in the power transmission business. With a market capitalization of Rs 1,55,000 crore, it is one of the leaders in its sector and has come in limelight due to its recent run-up.
The stock of POWERGRID is bullish today and has soared nearly 3% today. With this, it has hit a fresh all-time high of Rs 224.55. On the technical chart, the stock has formed a strong bullish candle with an open=low scenario and trades nearly at a day’s high. Since its prior swing low of Rs 204.05, the stock has gained over 10% in just eight trading sessions, demonstrating strong momentum. On the weekly chart, the stock found strong support at its 20-week MA and has bounced back sharply. Thus, the price structure of the stock is quite bullish.
The 14-period daily RSI has jumped above 60 and has crossed above the prior swing high. Thus, the price and RSI, both rising is a sign of bullishness. Moreover, the trend indicator ADX has surged above 25 and points northwards, indicating strong trend strength of the stock. Interestingly, the On Balance Volume (OBV) has hit a higher high and indicates bullishness from the volume’s point of view. The other momentum oscillators and indicators also point towards the positive bias of the stock.
On a YTD basis, the stock has generated returns of over 8% and has outperformed the broader market. Considering its strong price action and volume, bullish technical parameters and recent performance, the stock is expected to trade higher in coming days. It has the potential to test the levels of Rs 230, followed by Rs 235 in the short to medium term. Moreover, it is a good candidate for swing trading. Short term trades, as well as positional traders, can expect decent gains.
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