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Polycabindia

POLYCAB#POLYCAB Recent Bullish Move: Polycab India stock gained around 3.88%, showing strong upward momentum. Key Resistance: Approaching the 7,000 level, which may act as a significant resistance. Volume Surge: Recent price increase accompanied by higher-than-average trading volume, indicating strong buying interest. Short-Term Buy Range: Ideal entry could be around 6,800 to 6,900 if the stock consolidates or pulls back slightly. Short-Term Target: Possible target range of 7,200-7,300 for quick profits. Stop-Loss Recommendation: Set a stop-loss near 6,600 to limit downside risk. Trend Outlook: Likely to go up if it breaks 7,000; cautious approach recommended if it drops below 6,800.
NSE:POLYCABLong
by SkyTradingZone
Portfolio stockThis chart of Polycab India Ltd shows significant technical activity. Here’s a detailed breakdown of the chart analysis using various elements and emojis: 1. Price Action: The stock experienced a gap down 📉 in July, where the price dropped significantly, likely due to negative news or market conditions. After the gap down, the price started to consolidate in a sideways range 📊 with lower highs and higher lows, forming a symmetrical triangle pattern 🔺 over the last few months. 2. Trendline and Support: A clear ascending trendline ⬆️ has been drawn, indicating higher lows. This shows consistent buying pressure at the lows, which suggests accumulation at these levels. The stock found support 🔵 around the 6,600-6,700 INR zone multiple times, as indicated by the blue arrows on the chart. 3. Resistance and Breakout: The stock had trouble breaking through the 6,900-7,000 INR resistance level 🔴 for a few months, as shown by the repeated downward arrows. However, it has now broken out 🚀 with a strong bullish candle (green candle) above this key resistance level, closing at 7,054.80 INR. This is a breakout 📈 above the consolidation zone and signals potential further upside. 4. Volume: The breakout is accompanied by high volume 📊 (1.291M), which confirms that the breakout is likely strong and backed by institutional or heavy buying. 5. Previous Gap: The gap down from July has now been completely filled 🟢, as the price has moved back into the previous range, suggesting that the market has absorbed whatever negative factors caused the gap. Conclusion: The stock has successfully broken out of the symmetrical triangle pattern 🔺, filling the gap down from July 📉, and is showing strong bullish momentum 🚀. The volume also supports the breakout, and the next resistance levels to watch would be around 7,200 INR and beyond. No recommend for buy or sell 😕
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NSE:POLYCABLong
by investigationofchart
5
Portfolio stockThis chart of Polycab India Ltd shows significant technical activity. Here’s a detailed breakdown of the chart analysis using various elements and emojis: 1. Price Action: The stock experienced a gap down 📉 in July, where the price dropped significantly, likely due to negative news or market conditions. After the gap down, the price started to consolidate in a sideways range 📊 with lower highs and higher lows, forming a symmetrical triangle pattern 🔺 over the last few months. 2. Trendline and Support: A clear ascending trendline ⬆️ has been drawn, indicating higher lows. This shows consistent buying pressure at the lows, which suggests accumulation at these levels. The stock found support 🔵 around the 6,600-6,700 INR zone multiple times, as indicated by the blue arrows on the chart. 3. Resistance and Breakout: The stock had trouble breaking through the 6,900-7,000 INR resistance level 🔴 for a few months, as shown by the repeated downward arrows. However, it has now broken out 🚀 with a strong bullish candle (green candle) above this key resistance level, closing at 7,054.80 INR. This is a breakout 📈 above the consolidation zone and signals potential further upside. 4. Volume: The breakout is accompanied by high volume 📊 (1.291M), which confirms that the breakout is likely strong and backed by institutional or heavy buying. 5. Previous Gap: The gap down from July has now been completely filled 🟢, as the price has moved back into the previous range, suggesting that the market has absorbed whatever negative factors caused the gap. Conclusion: The stock has successfully broken out of the symmetrical triangle pattern 🔺, filling the gap down from July 📉, and is showing strong bullish momentum 🚀. The volume also supports the breakout, and the next resistance levels to watch would be around 7,200 INR and beyond. No recommend for buy or sell 😕
NSE:POLYCABLong
by investigationofchart
Potential Breakout: Polycab Indicates Upside Momentum Above 5780Details: Asset: Polycab India Limited (POLYCAB) Breakout Level: Sustaining above 5780 Potential Target: Upside momentum expected Stop Loss: Below breakout level or as per risk tolerance Timeframe: Short to medium-term Rationale: Polycab India Limited (POLYCAB) is showing signs of a potential breakout above the 5780 level. Sustaining above this level could indicate a bullish sentiment shift and pave the way for significant upside momentum. If the breakout is confirmed and sustained, POLYCAB may experience a substantial upmove. Market Analysis: Technical Breakout: A sustained move above 5780 would suggest a technical breakout, attracting buying interest and potentially driving the price higher. Market Sentiment: Positive market sentiment or company-specific factors may be contributing to the anticipated breakout in POLYCAB. Price Target: The potential upside target for POLYCAB is not specified but is expected to be significant if the breakout sustains. Risk Management: Implementing a stop loss strategy below the breakout level is essential to manage risk in case of unexpected price reversals. Timeframe: The projected upside move for POLYCAB is based on a short to medium-term outlook, but actual timing may vary based on market dynamics. Risk-Reward Ratio: Consider individual risk tolerance and adjust position size accordingly to maintain a favorable risk-reward ratio. As always, conduct thorough analysis and consider factors such as market trends, company fundamentals, and risk management strategies before making trading decisions.
NSE:POLYCABLong
by CyborgTradingHub