POWERGRID Important Support and Resistance Intraday Tomorrow, Weekly, Monthly Prediction

In trading, it's important that you do your homework by marking possible demand and supply levels on charts every day before the market opens. So if you will trade powergrid tomorrow, these are its important support and resistance levels which will act as profit booking levels.

Note that these daily levels are valid for Mon 20 May 2024. Make sure you mark these levels on the stock chart of Power Grid Corporation of India Limited. Also check its technical forecast for tomorrow.

Intraday Support Levels for POWERGRID

Level Value
Support 1 (S1) 310.60
Support 2 (S2) 308.05
Support 3 (S3) 305.35

Tomorrow, ₹310.60 will act as the first strong support level for POWERGRID. However, if it fails to sustain above Support 1, it may result in further downfall in stock reaching down to ₹305.35. These S&R levels can also be used as entry, targets and stop loss. Intraday traders can sell POWERGRID when it closes below ₹310.60 and aim for ₹308.05 as the initial and ₹305.35 as the secondary profit booking level.

Resistance Levels for Tomorrow

Level Value
Resistance 1 (R1) ₹315.85
Resistance 2 (R2) ₹318.55
Resistance 3 (R3) ₹321.10

If POWERGRID moves upwards, it may face resistance at ₹315.85, and if the stock breaks out, the next resistance level will be ₹318.55.

POWERGRID (Power Grid Corporation of India Limited) Weekly Support and Resistance Levels

Type Level Value
Support S1 ₹294.40
Support S2 ₹285.05
Support S3 ₹278.10
Resistance R1 ₹310.70
Resistance R2 ₹317.65
Resistance R3 ₹327.00

Considering downside probability, if POWERGRID experiences selling pressure and starts trending lower, the first key level will be at ₹294.40. If the price breaks below that, it will show strong bearishness in the stock, and POWERGRID will find its next support at ₹285.05 followed by ₹278.10 as 3rd support for the week. It is most unlikely that the stock will fall further down Support 3, as the selling pressure gradually reduces over time and new buyers enter the market to push the price further up.

Now, let's talk about the upside/bullish expectations. If POWERGRID starts rallying this week, it might face some resistance at the first support of ₹310.70. If the price manages to break through Support1 level convincingly, the stock will continue its upward movement towards ₹317.65 and even ₹327.00 as the last support for this week.

POWERGRID Monthly Resistance and Supports

Level Value
Monthly Support 1 (S1) ₹278.72
Monthly Support 2 (S2) ₹255.58
Monthly Support 3 (S3) ₹242.77
Monthly Resistance 1 (R1) ₹314.67
Monthly Resistance 2 (R2) ₹327.48
Monthly Resistance 3 (R3) ₹350.62

Considering the downside view on monthly charts, if POWERGRID starts showing signs of weakness and declines, the first major support level will be ₹278.72. If the price breaks below that, the second support for the month will be ₹255.58 and ₹242.77 as the third support.

However, if the bulls take control and POWERGRID starts rallying, the first key resistance level to watch will be ₹314.67. If the price can push through that convincingly, it sets up a potential challenge of the higher resistance levels at ₹327.48 and ₹350.62.

Stocks in the Same Sector as POWERGRID

Stock Name Industry
NTPC LimitedUtilities - Regulated Electric
Adani Green Energy LimitedUtilities - Renewable
Adani Power LimitedUtilities - Independent Power Producers
Tata Power Company LimitedUtilities - Independent Power Producers
GAIL (India) LimitedUtilities - Regulated Gas
Adani Energy Solutions LimitedUtilities - Independent Power Producers
Adani Total Gas LimitedUtilities - Regulated Gas
NHPC LimitedUtilities - Renewable
JSW Energy LimitedUtilities - Independent Power Producers
Torrent Power LimitedUtilities - Independent Power Producers

Summary of Key Levels for POWERGRID

    Daily Levels:
    • Support at: ₹310.60
    • Resistance at: ₹315.85
    Weekly Levels:
    • Support at: ₹294.40
    • Resistance at: ₹310.70
    Monthly Levels:
    • Support at: ₹278.72
    • Resistance at: ₹314.67