Power Grid was in an enclosed channel and has recently given a breakout of the channel.
The chart has also retested the support levels. Now we can expect an uptrend.
For education purposes only.
Not a SEBI registered broker.
Please ask your financial advisor before investing.
Chart is self explanatory. Entry, Targets and Stop Loss are mentioned on the chart.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
Power Grid - Long
* Inside Bar Candle Formation
* Triangle formation
* More chances are there for moving upwards
* But still can take support at Rs.223.65 if it breaks the triangle.
* Set stop loss.
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As we can see in the chart, the stock has given a decent breakout from its stiff resistance. Also, it has retested this level after the breakout. Now, positionally a good pick for going low with a stop loss below 235. We might see a decent rally in this stock after a little consolidation around its current pricing. For targets, take reference of provided target lines.