Polycab India Limited (POLYCAB) Stock - Complete Technical Analysis - Sep 25, 2024

Polycab India Stock Analysis: Bullish Signals and Key Levels to Watch

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. Welcome to our technical analysis of Polycab India Limited. Currently trading at 6,685.95, Polycab is witnessing notable activity with the stock price hovering around the classic pivot point of 6,676.05. The recent pattern of Three White Soldiers indicates a bullish continuation, which could suggest positive momentum in the near term.

The Average Directional Index, or ADX, is currently at a low level, indicating a weak trend, while the Relative Strength Index, or RSI, is at around 50.72, suggesting that the stock is neither overbought nor oversold. The Stochastic Oscillator is also in a neutral position, providing further confirmation of this balance.

Looking at the moving averages, the Exponential Moving Average for the short-term is above the longer-term averages, indicating a potential bullish crossover. The price is above the 10-day and 20-day Simple Moving Averages, which supports the bullish sentiment.

The stock is currently trading 8.80% below its 52-week high of 7,331.45, while being 75.90% above the 52-week low of 3,801. This scenario indicates strong support at lower levels, particularly around the classic pivot support level of 6,446.10. The inside candle pattern identified on September 19, 2024, suggests that the price might consolidate further before making its next significant move.

In summary, while the technical indicators point towards a cautiously optimistic outlook for Polycab, traders should closely monitor the resistance level at 6,739.05. A breakout above this level could lead to further upside potential, while a failure to maintain support could result in a retracement. Overall, Polycab appears to be in a critical phase, and traders should be vigilant for upcoming price movements.