In the previous session, the market witnessed volatility throughout the day. the Nifty index opened on a flat note and witnessed consolidation on the lower side throughout the day. On the technical note, the index formed a Doji candle on the chart and closed with a net loss of 43 points. Traders should be focused on Sector and stock specific strategy for the next trading day.

Look at the below research report of ‘Stocks to Buy for Friday, February 24,2022’ before the market opens.

Polycab India Ltd

In the daily time frame, Stock is moving in the form of an ‘Ascending Triangle Pattern’. Recently, stock has given a breakout from the upper resistance line on the chart .In the last session, stock retested the same level with positive momentum but didn’t close above the break out zone. We have plotted super trend on the chart, which also gave buy signal as closing of the candle is above super trend. In addition, the Relative Strength Index (RSI) on the daily chart is 66 indicate strength in the stock.

In a Nutshell, the trend for POLYCAB looks to be positive now. A break above 3088 levels which could take prices toward 3200 or higher levels. This outlook is valid as long as 9 EMA support remains protected on downside.

Check More Analysis on POLYCAB at: Polycab India Ltd