May 15, 2018 / 4:47 AM / 12 days ago

BUZZ-India's Power Grid hits over 6-month high; upside seen - technicals

** Power Grid Corp of India Ltd’s shares rise as much as 3.32 pct to 216 rupees, highest since Nov 3, 2017

** Stock breaks above a resistance at 214 rupees, the 23.6 pct Fibonacci projection level of the uptrend from Sept 7, 2015 low to Aug 8, 2017 high reut.rs/2rI5cxj

** Breakout is supported by volume, stock’s five-day average volume is 61.5 pct higher than the 30-day average

** Breakout suggests stock may now move towards the next resistance at 229.5 rupees, the 38.2 pct projection level

** Stock’s 50-day exponential moving average (EMA) crossed above its 200-day EMA last week, seen favorable for the stock

** MACD is also positive and above its signal line

** Stock was up 4.34 pct this year as of Friday’s close, outperforming the NSE Index’s 2.62 pct gain

Reporting by Gaurav Dogra

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