Top buzzing stock: Power Grid Corporation of India
The stock of POWERGRID surged over 2% on Wednesday and is among the top gainers from Nifty stocks.
Power Grid Corporation of India Limited is a power-transmission company, engaged in the power transmission business with responsibility for planning, implementation, operation, and maintenance of the Inter-State Transmission System. It commands over strong market share and is one of the sector leaders. The power sector is in huge demand lately and this stock is quite bullish.
The stock of POWERGRID surged over 2% on Wednesday and is among the gainers from Nifty stocks. It has given a breakout from its downward sloping trending and recorded good volume. After a good gap-up opening, the stock continued to trade higher and hit the day’s high of Rs 239.45 before receding a little. Earlier, the stock has taken multiple supports at its 20-Day EMA and has bounced back sharply today.
The 14-period daily RSI (61.30) has entered the bullish territory and indicates strong strength in the stock, whereas the +DMI is above the -DMI line and indicates a strong uptrend. Similar characteristics are shown by the ADX (43.27). The MACD is about to give a bullish crossover. The OBV has approached its prior swing high and indicates strong strength from the volume’s perspective. The Elder Impulse system has indicated a fresh buy, while the KST and TSI indicators maintain their bullish view on this stock. It is about 20% above its 200-DMA and all the moving averages point towards bullishness.
On a YTD basis, the stock has generated about 16% returns and has outperformed Nifty. Considering its strong price structure and breakout, followed by bullish technical parameters, the stock is expected to be trading higher in the coming days. The heatwave across India has led to an increase in power demand which is benefitting the company. This is aiding the stock price as it continues to scale newer highs. It has the potential to test the all-time high level of Rs 240 in short period. Traders can expect good gains from this stock as per the technical analysis.
Share Market Today
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