Momentum Pick: After timewise correction, Power Grid stock ready for next leg of rally

Power Grid Corporation of India’s stock has potential for a 52% upside as it looks to rally after an extended consolidation phase. The stock’s resilience against market falls has placed it on a strong footing. It is into the power transmission business and owns roughly 173,790 circuit kilometers of EHV transmission lines. Technical Research Analyst Jatin Gedia forecasts Power Grid’s stock price to reach Rs 350, which is a Fibonacci extension level. Sharekhan maintains a ‘buy’ rating and an unchanged price target of Rs 265, as the company’s work-in-hand and recent project wins provide good earnings visibility.

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