PL Technical Research: BUY POWERGRID - MEDIUM TERM TECH PICK

PL Technical Research: Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt.

BUY POWER GRID CMP: 247 TRGT: 270 SL: 235 - MEDIUM TERM TECH PICK - The stock after the short correction has consolidated and taken support near the lower base of the channel pattern on the daily chart near 239 levels and shown signs of improvement in the bias to anticipate for further rise. The RSI also is well placed after the short dip and has indicated a trend reversal to signal a buy with immense upside potential visible. With the chart looking good, we suggest to buy and accumulate the stock for an upside target of 270 keeping the stop loss at 235.