Polycab India Limited (POLYCAB) Stock - Complete Technical Analysis - Sep 04, 2024

Polycab India Stock Analysis Key Support

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.

For Polycab India Limited (POLYCAB), currently trading at 6,717, we observe a mix of technical indicators that suggest cautious optimism. Support levels are identified around the Classic Pivot S1 at 6,446 and Fibonacci S1 at 6,448, providing potential buying opportunities if the price dips. On the resistance front, the Classic Pivot R1 at 7,043 and Woodie Pivot R1 at 7,138 could act as barriers for upward movement.

The Average Directional Index (ADX) is relatively low, indicating a weak trend strength, while the Relative Strength Index (RSI) is neutral, suggesting neither overbought nor oversold conditions. The Stochastic %K and Stochastic RSI are showing a bullish bias, although the Stochastic RSI is somewhat subdued. The MACD, being positive, supports a bullish outlook in the medium term.

The current pattern shows a Doji and Spinning Top, reflecting indecision in the market. This could signal a potential reversal or a continuation of the current trend, depending on future price action. The Exponential Moving Averages (EMAs) and Simple Moving Averages (SMAs) are aligned, with short-term EMAs and SMAs above the longer-term averages, indicating a bullish trend. However, caution is advised as the volatility, as reflected by the ATR, is elevated, suggesting potential price swings.

Overall, traders should watch for price movements around key support and resistance levels, and stay attentive to the evolving patterns and indicators for a clearer directional signal.