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Shares of PowerGrid hit over 6-month high, and according to technicals, more upside is seen. The stock rose as much as 3.32 per cent to Rs 216, highest since November 3, 2017.
The stock broke above a resistance at Rs 214, the 23.6 pct Fibonacci projection level of the uptrend from September 7, 2015 low to August 8, 2017.
The breakout is supported by volume. The stock's five-day average volume is 61.5 per cent higher than the 30-day average. The breakout suggests that the stock may now move towards the next resistance at Rs 229.5, the 38.2 per cent projection level.
The stock's 50-day exponential moving average (EMA) crossed above its 200-day EMA last week, which is seen favourable for the stock. MACD is also positive and above its signal line.
PowerGrid stock was up 4.34 per cent this year as of Friday's close, outperforming the NSE Index's 2.62 per cent gain.
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