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The stock of Power Grid Corporation of India jumped off the support at ₹310 last week. Supported by high volume buying, the price has been increasing over the past week.
Early this week, the stock broke out of the barrier at ₹335, opening the door for further appreciation. Although there has been a moderation in price in the last two sessions, the price remains above the resistance-turned-support of ₹335. So, the probability of a rally from here is high.
Go long on the stock at ₹339 and buy more shares if the price dips to ₹330.
Place stop-loss at ₹320. When the stock rises to ₹350, revise the stop-loss to ₹340. Tighten the stop-loss to ₹350 when the price touches ₹358. Exit at ₹365.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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