POLYCAB 1 Week View

📈 Weekly Technical Outlook

Over the past week, Polycab's stock has demonstrated a strong bullish trend, supported by several key technical indicators:

Technical Ratings: Both daily and weekly analyses indicate a "Strong Buy" signal, suggesting sustained upward momentum.

Relative Strength Index (RSI): The weekly RSI stands at 85.19, indicating the stock is in overbought territory, which may suggest a potential short-term pullback.

Support and Resistance Levels:

Immediate Support: ₹7,193

Immediate Resistance: ₹7,890

Medium-Term Resistance: ₹8,693.86

Long-Term Resistance: ₹9,068.70

Long-Term Support: ₹6,000.50

Trend Indicators: Moving averages and other technical indicators are aligned with a bullish trend, supporting the "Strong Buy" signal.

⚠️ Considerations

Overbought Conditions: The high RSI suggests the stock may be due for a short-term consolidation or pullback.

Market Volatility: Investors should be aware of potential market fluctuations that could impact stock performance.

📊 Summary

Polycab India Ltd. is exhibiting strong bullish momentum on the weekly timeframe. While the stock's overbought condition warrants caution, the overall technical indicators support a positive outlook. Investors should monitor key support and resistance levels and consider potential short-term corrections as part of their investment strategy.