Polycab India Limited (POLYCAB) Stock - Complete Technical Analysis - Nov 28, 2024

Polycab India Stock Analysis: Price Trends, Support & Resistance Levels for Traders Technical Ind

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) has demonstrated strong resilience, trading at 7,149, just 5.99% below its 52-week high of 7,605 and well above its 52-week low of 3,801, showing an impressive recovery.

Looking at the indicators, the stock is in a moderately bullish trend, with the ADX at 19.71, signaling some directional movement but not too strong. The RSI at 64.58 suggests that the stock may be nearing overbought levels, but there's still room for further price appreciation before a potential reversal. The MACD of 34.83 and the Awesome Oscillator at 72.95 reinforce the notion that the stock is in a positive momentum phase, favoring the bulls.

Polycabs price is currently positioned above key moving averages like the 10-day EMA at 6,781 and the 50-day and 100-day EMAs, providing strong support for further upward movement. Immediate support is near the 6,700 level, which is backed by the moving averages and recent lows, while the resistance level lies near 7,287, a key pivot.

Given the volatility indicated by the ATR, which suggests price swings of 500-600 points, traders should be prepared for potential sharp moves. A break above 7,165 could signal a continuation of the bullish trend, while a pullback to 6,700 might present a buying opportunity. Traders should stay alert to market shifts for optimal entry points.