In the previous session, the Nifty index consolidated within 100 points range throughout the day. The index saw a gap up opening in the morning but abolished all its gain in the very first hour. Market remained in a sideways zone throughout the day. Technically, the Nifty index formed a Bearish candle on the chart and closed with a net gain of 87.70 points. The price action will remain volatile; hence a stock specific approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for –Monday, July 11, 2022’ before the market opens.

Power Grid Corporation of India Ltd

In the daily time frame, the stock is moving in the form of a ‘Megaphone Pattern’. The pattern consists of minimum two higher highs and two lower lows. When the price moves outside the pattern, a breakout is confirmed. Stock has consolidated between 215-205 levels in the past few days which creates a Megaphone pattern on the chart. As shown on the graph Power Grid share prices made high near 219.40 levels and are closed above the Neckline of pattern.

In short, the POWERGRID chart looks attractive, one can initiate buy at current levels and add more on dips around break out levels near 215 which can take price towards 221/227 levels. This outlook is valid as long as we do not see any closing below 212 levels.

Check More Analysis at POWERGRID: Power Grid Corporation of India Ltd