Power Grid topped off in September 2012 & has since dropped about 40% from it's 2012 high of 124. A large portion of the price drop had come recently in August 2013, within a weeks trading.
The stock at present has not gone through any base formation patterns yet, neither does it have an extended base from which it can turn stably bullish. A recent 10% up-swing in price has raised interest in the stock. The present up-move, is so far just an intermediate trend, that might not sustain unless some major pivots are gained & maintained.
Support for the stock price is seen at 96 which is mid-level support. Breaking 96 will not be good news for investors holding the stock & the stock does not show any good support below this.
Resistances are mainly & seen at 103, 105, 109 & 111.5. The resistance at 103 is minor but important, whereas the other resistances are very strong & will be difficult for the stock to move over. The resistances at 109 & 111.5 form a very strong resistance zone & the stock will have to move over this zone to show promise in the long run.
Power Grid Corp of India is not seen to be bullish at present & does not show any technical stability or promise for the near future. We do not see it to be an investors stock as of now.
Power Grid still pressured
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