Stock Recomendations

Power Grid BUYand Hold, CMP Rs98.00 Target Rs 108-112

The stock has been consolidating in a narrow range between the levels of Rs90-100 from last one month. On Friday, the stock attempted to break-out from the upper-end of this trading range. Moreover, on the daily chart, the stock has formed a Bullish Harami Candlestick in which a large candlestick is followed by a smaller candlestick whose body is located within vertical range of the larger body. The daily RSI is in strong buy mode. The stock has closedabove all its key daily moving averages. A moveAbnormal change in deliverypast the levels of Rs99 could take the stock Stock towards the levels of Rs104-106 in the short-term. Keeping in mind the above-mentionedevidences, we recommend high traders tobuy the stock between the range of Rs96-99with a stop loss of Rs94 for an initial targetof 108.