Powergrid likely to touch Rs. 215
The stock of Powergrid bounced sharply after taking support near its crucial long-term moving average, i.e. 200-week EMA . After the gap-up opening on Monday, stock has managed to extend its jubilant run for the fourth consecutive day. The stock on the way up managed to breakout of the downward sloping trendline formed by connecting swing highs from May 2018. The breakout was supported by justifiable volumes.
Among momentum oscillators, the 14-period daily RSI is on a rising trajectory and trading in the bullish zone. The daily MACD stays bullish as it is trading above the zero line.
For any immediate decline, the stock has two strong support one is 200-day simple moving average which is currently placed at 193 and second one is opening gap zone of Rs. 186-Rs. 189. While on the upside, the stock is likely to touch Rs. 205 level, followed by Rs. 215 in the short-term.