POLYCAB - Consolidation Breakout - Daily Polycab India Ltd., and it shows a breakout from a sideways consolidation range between ₹6,146 and ₹6,905. The current price is ₹7,054.80, reflecting a strong move upward with a significant increase of +4.56%.
Key Insights:
Breakout Confirmation: The stock has broken out from its consolidation range between ₹6,146 and ₹6,905, showing bullish momentum.
Volume Spike: The breakout is supported by a surge in volume, signaling a higher probability of continuation in the current uptrend.
Target Levels:
Based on the previous range and measured move from this breakout, the immediate target is around ₹7,671.95, which is approximately 11% from the current price.
A potential intermediate target was at ₹7,331.45, which seems to be reached as per the chart's high at ₹7,054.
Support Levels:
The previous strong support at ₹6,146 now acts as a solid base, and the price action above this level suggests limited downside risk in the short term.
Conclusion:
The chart signals bullish potential for Polycab India Ltd. with upward targets around ₹7,331.45 and ₹7,671.95, while the breakout and volume spike suggest strong momentum continuation.
