Trade Idea: Polycab India Ltd (NSE: POLYCAB) SHORT SIDE
Current Price: ₹6,740
Resistance Zone: ₹6,800 – ₹6,875
Bias: Short (Sell) below resistance
Rationale
Polycab India Ltd is currently facing strong resistance in the ₹6,800–₹6,875 zone. The price has attempted to break above this area but failed to sustain, indicating potential exhaustion of bullish momentum. Unless there is a weekly closing above ₹6,850, the setup favors a short position targeting a pullback.
Trade Plan
Entry: Near ₹6,800–₹6,875 resistance zone or red zone
Stop Loss: Above ₹6,875 (weekly close above ₹6,850 invalidates the setup)
Target: ₹6,250–₹6,260 zone
Risk-Reward: Favorable, with a clear invalidation point and defined downside target
Chart Observations
Price action shows repeated rejection in the marked supply zone.
Volume analysis supports the likelihood of a reversal.
The projected path anticipates a move down to the ₹6,250 area, as highlighted on the chart.
Disclaimer
This analysis is for educational purposes only and does not constitute financial advice or a recommendation to buy or sell any securities. Trading and investing in the stock market involves risk. Please do your own research or consult a qualified financial advisor before making any trading decisions. The author is not responsible for any losses incurred as a result of following this analysis.
Current Price: ₹6,740
Resistance Zone: ₹6,800 – ₹6,875
Bias: Short (Sell) below resistance
Rationale
Polycab India Ltd is currently facing strong resistance in the ₹6,800–₹6,875 zone. The price has attempted to break above this area but failed to sustain, indicating potential exhaustion of bullish momentum. Unless there is a weekly closing above ₹6,850, the setup favors a short position targeting a pullback.
Trade Plan
Entry: Near ₹6,800–₹6,875 resistance zone or red zone
Stop Loss: Above ₹6,875 (weekly close above ₹6,850 invalidates the setup)
Target: ₹6,250–₹6,260 zone
Risk-Reward: Favorable, with a clear invalidation point and defined downside target
Chart Observations
Price action shows repeated rejection in the marked supply zone.
Volume analysis supports the likelihood of a reversal.
The projected path anticipates a move down to the ₹6,250 area, as highlighted on the chart.
Disclaimer
This analysis is for educational purposes only and does not constitute financial advice or a recommendation to buy or sell any securities. Trading and investing in the stock market involves risk. Please do your own research or consult a qualified financial advisor before making any trading decisions. The author is not responsible for any losses incurred as a result of following this analysis.
Trade active
perfect entry
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.