Polycab India Limited (POLYCAB) Stock - Complete Technical Analysis - Sep 17, 2024

Polycab India (POLYCAB) Stock Analysis: Key Support & Resistance Levels Technical Insights

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Polycab India Limited, currently trading at 6,691, is positioned around its mid-range for the year, reflecting a period of relative stability. The Average Directional Index (ADX) indicates a weak trend, suggesting a phase of consolidation or low volatility. The RSI is near neutral, showing that the stock is not in overbought or oversold territory, which supports the idea of a balanced market sentiment.

The MACD remains positive, signaling that the overall trend is upward. However, the Stochastic indicators and Commodity Channel Index (CCI) are showing bearish signals, which might suggest some downward pressure or a potential pullback. The Awesome Oscillator confirms the presence of positive momentum, though its strength seems to be weakening.

The stock is trading above several moving averages, including the Exponential and Simple Moving Averages, which indicates that there is solid support in the lower range. The Ichimoku Base Line and Hull Moving Average are also above the current price, hinting that the stock may face resistance at these levels.

For traders, its important to monitor for potential support around the current price, as it is close to key moving averages and pivot levels. Resistance might be encountered near recent highs, with the stock being 8.73% below its 52-week peak. Given the current market conditions, a range-bound trading strategy might be appropriate as the stock adjusts to recent highs and consolidates.