’Fasten your seatbelts’— BTIG strategists warn of coming turbulence
Stocktwits - Power Grid (NSE:PGRD) Corporation of India’s shares may consolidate in a fixed range for a few more sessions before entering a corrective phase, according to SEBI-registered analyst Deepak Pal.
The stock has been trading within a narrow range, with technical indicators like the Parabolic SAR (Stop and Reverse), MACD (moving average convergence divergence), and relative strength index (RSI) signaling a bearish trend.
These technical indicators assess stock trends by analyzing key factors, such as moving averages and overbought/oversold conditions.
On June 13, the stock hit a low of ₹282.35 but recovered to close at ₹285.50 after reaching an intraday high of ₹286.40. Since then, the ₹285 level has consistently acted as a support, he observed.
On Friday, the stock traded around ₹292, close to its 14-day exponential moving average (EMA), potentially signaling the reversal of the current downtrend.
At the time of writing, the Power Grid shares were up 2.1% at ₹292.1. Year-to-date (YTD), the stock was down 5.5%
The analyst stated that the ₹285 level is emerging as a strong short-term support, and any pullbacks to this zone could lead to accumulation opportunities. He added that if the stock holds above this level, a short-term rebound toward ₹300–305 appears likely.
Power Grid is India’s largest power transmission utility, managing more than 90% of the country’s interstate and inter-regional power transmission network.
The company posted a marginal increase in full-year income from operations at ₹46,325 crores. It declared a dividend of ₹1.25.
The company maintains a healthy EBITDA margin of around 86–88%, a Return on Equity (ROE) of around 17%, and a stable debt-to-equity ratio of 1.3x.
With strong government backing and a key role in India’s power infrastructure, Power Grid’s long-term prospects look positive.
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