Key Events This Week
23 Feb: Stock gains 1.49% amid mixed technical signals
24 Feb: Technical momentum shifts to sideways; open interest surges
25 Feb: Surge in call option activity and Mojo upgrade to Hold
26 Feb: Price rises 0.77% but technicals signal sideways trend
27 Feb: Mild bullish momentum emerges despite daily price dip
23 February: Mixed Technical Signals Amid Sideways Momentum
Power Grid began the week with a 1.49% gain, closing at Rs.303.35 against the Sensex’s 0.39% rise. The stock’s technical indicators presented a nuanced picture, transitioning from mildly bearish to sideways momentum. Weekly charts showed bullish MACD and Bollinger Bands, while monthly indicators remained mildly bearish. The Relative Strength Index (RSI) hovered neutrally, suggesting no immediate overbought or oversold conditions. This mixed technical landscape indicated a consolidation phase, with neither bulls nor bears dominating.
24 February: Open Interest Surge and Technical Consolidation
On 24 February, Power Grid’s price rose modestly by 0.49% to Rs.304.85, despite the Sensex declining 0.78%. The derivatives market saw a sharp 15.34% increase in open interest, rising by 7,953 contracts to 59,807, signalling heightened investor activity and confidence. Futures volume reached 49,696 contracts, with combined futures and options turnover exceeding ₹47,391 crores. Delivery volumes surged 35.22% above the five-day average, indicating genuine accumulation. Technical momentum shifted to a sideways trend, with mixed MACD and RSI signals reflecting investor caution amid consolidation.
25 February: Call Option Activity Peaks and Mojo Upgrade
The stock advanced 0.77% to Rs.307.20, outperforming the Sensex’s 0.41% gain. Call options at the ₹310 strike expiring 30 March saw 4,215 contracts traded, generating ₹7.64 crores in turnover and an open interest of 1,926 contracts. This surge reflected bullish positioning near a key resistance level. MarketsMOJO upgraded Power Grid’s rating from Sell to Hold, citing improved technical indicators including bullish weekly MACD and Bollinger Bands, despite flat financial performance and valuation concerns. The upgrade acknowledged the stock’s stabilising momentum and strong relative returns over one year (17.63%) and three years (89.05%).
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26 February: Sideways Trend Amid Mixed Technical Signals
Power Grid closed at Rs.307.20, up 0.77%, while the Sensex gained 0.19%. The stock remained below its 52-week high of Rs.321.75 but comfortably above its low of Rs.247.50. Technical indicators showed a shift from mildly bullish to sideways momentum. Weekly MACD stayed bullish, but monthly MACD turned mildly bearish. The weekly RSI weakened, signalling easing momentum, while Bollinger Bands remained bullish. Daily moving averages turned mildly bearish, suggesting short-term consolidation. The Know Sure Thing (KST) and Dow Theory indicators echoed this mixed outlook, with mildly bullish weekly trends but no clear monthly direction.
27 February: Mild Bullish Momentum Despite Price Dip
The stock declined 1.20% to Rs.298.75, underperforming the Sensex’s 1.16% drop. Despite the dip, weekly technical indicators such as MACD, Bollinger Bands, and On-Balance Volume (OBV) suggested improving momentum. The monthly MACD and KST remained mildly bearish, and daily moving averages were mildly bearish, reflecting short-term weakness. The stock’s strong relative returns over one week (3.00%), one month (19.39%), and five years (151.19%) underscore its resilience. The recent upgrade to a Hold rating and mixed technical signals indicate cautious optimism amid ongoing consolidation.
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| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-02-23 | Rs.303.35 | +1.49% | 36,817.86 | +0.39% |
| 2026-02-24 | Rs.304.85 | +0.49% | 36,530.09 | -0.78% |
| 2026-02-25 | Rs.307.20 | +0.77% | 36,679.75 | +0.41% |
| 2026-02-26 | Rs.303.50 | -1.20% | 36,748.49 | +0.19% |
| 2026-02-27 | Rs.298.75 | -1.57% | 36,322.56 | -1.16% |
Key Takeaways
Positive Signals: Power Grid demonstrated resilience by outperforming the Sensex across multiple timeframes, including a 3.00% gain over one week versus the Sensex’s -0.30%. The surge in call option activity and open interest reflects growing bullish sentiment, supported by strong delivery volumes indicating genuine accumulation. The upgrade to a Hold rating by MarketsMOJO acknowledges improved technical momentum and stabilising fundamentals.
Cautionary Notes: Mixed technical indicators, particularly the divergence between weekly bullish and monthly bearish MACD and KST signals, suggest ongoing uncertainty. Daily moving averages remain mildly bearish, signalling short-term consolidation or correction risk. Flat financial performance and high debt levels temper enthusiasm, while the stock trades near resistance levels around Rs.310-307, requiring confirmation for sustained upside.
Conclusion
Power Grid Corporation of India Ltd’s week was characterised by a complex interplay of technical momentum shifts, strong derivatives market activity, and a cautious upgrade in rating. While the stock closed the week nearly flat, it outperformed the broader market and demonstrated robust relative returns over longer periods. The mixed signals from technical indicators advise a balanced approach, with investors encouraged to monitor key resistance levels and volume trends for confirmation of trend direction. The Hold rating reflects this cautious optimism amid a consolidating power sector environment.
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