Polycab India Limited (POLYCAB) Stock - Complete Technical Analysis - Nov 19, 2024

Polycab India Technical Analysis: Key Support, Resistance & Price Action Insights 2024

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 (POLYCAB) stock is trading at 6,517.05, just 14.31% below its 52-week high of 7,605. The price action in recent days reflects some consolidation, with a spinning top candlestick suggesting indecision. This could indicate a short-term pause or correction before a possible trend continuation. The stock has shown resilience above the 6,400 support zone, but the MACD's bearish stance and a negative Awesome Oscillator signal that the overall momentum is still weak.

Key support is visible around 6,460 and 6,400, while resistance is at 6,600-6,700. The RSI is neutral, indicating no extreme conditions, and the Average Directional Index (ADX) is below 25, suggesting weak trend strength. The stock's volatility is heightened, with an ATR above 500, signaling that price swings are possible. For traders, a breakout above resistance could signal a buying opportunity, but a failure to hold above support could lead to further downside towards 6,300 and below.

In terms of longer-term outlook, Polycab India appears to be consolidating after its recent surge. Key levels to watch are 6,400 on the downside and 6,700 on the upside. With strong fundamentals, the stock might still be in a range-bound phase, offering opportunities for both swing traders and investors to enter at favorable levels.