As long as it is sustaining below 229 -230 levels, there is a probability of a Bullish Cypher pattern on the hourly chart of PowerGrid.
The important point of the bullish cypher is that both the lows and the highs are trending upwards, hence the structure of all the timeframes are trending upwards.
So bullish cypher if unfolds as expected, is going to provide a great opportunity to enter in the stock at attractive prices.
Shorting is definitely not a good idea in this stock, though buying can be made either above 230 levels or in the range of 220-218.
Disclaimer: If you are trading this, you are trading at your own risk.