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The outlook for the stock of Power Grid is bullish. The stock surged over 4 per cent on Monday breaking and also closing decisively above a key resistance level of ₹220. The level of ₹220 was restricting the stock from extending its upmove over the last couple of weeks.
The region between ₹220 and ₹219 can serve as a good support for the stock in the near term. The downside is expected to be limited to ₹219 as intermediate dips may find fresh buying interest coming in around the ₹220-219 support zone.
The stock can move up to ₹226 or ₹227 in the near term. Further break above ₹227 will pave the way for a further rally to ₹235 and ₹237 thereafter. Traders with a short-term perspective can go long. Stop-loss can be placed at ₹218 for the target of ₹233. The bullish outlook will get negated only if the stock declines below ₹219 decisively. Such a break can drag it to ₹214.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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