Shares of Power Grid Corporation of India Ltd has been on bull run for last six consecutive trading sessions since bagging a contract ” Project Management Consultancy Contract for Construction of 1×500 MW station at Comilla North ” from Bangladesh. The scrip today reached an intra-day high of 207.15 in NSE and is currently trading at 202.05 with 2.94% increase in value. RSI indicator which is used to measure the momentum of stock based on speed of change in price of stock regardless of direction in which price moves has crossed over into overbought region in intra day charts and is currently in range of 55 to 83.
The signal line continues to move in upward direction towards oversold region supportive of existing momentum for upward price growth. Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra-day, daily and weekly charts supportive of continued uptrend price growth in near future trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication across intra-day, daily & weekly charts supportive of continued bullish price movement. Expected support and resistance levels for the stock are at 191.07 & 212.20 respectively.