In the previous session, the market witnessed volatility throughout the day. The Nifty index opened on a positive note but abolished all its gain in the very first hour. Later, we have seen some recovery from day’s low. In the last hour, the Nifty again gave up all gains and slipped into the negative zone. Technically, the Nifty index formed a Bearish candle on the chart and closed with a net loss of 25.85 points. The price action will remain volatile; hence a stock specific approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Monday, May 16, 2022’ before the market opens.

Polycab India Ltd

NSE :POLYCAB   BSE :542652  Sector : Cables

In the last trading session, stock made a Bullish candle on the chart and closed with a gain of 4.48%. Previously, stock was moving in the form of Higher Highs and Higher Lows pattern on the chart. The pattern found at the support area indicates a potential in the stock. Stock took the breakout of Ichimoku Cloud which is a sign of short-term bullishness. The Relative Strength Index (RSI) on the daily chart is 54.89. In addition, the stock comfortably closed above the 20 EMA support which indicates positive momentum in coming days.

In short, POLYCAB looks to be positive for the short-term view. We can expect it to reach a target of 2642/2820 levels based on our analysis. Add more on dips around 2500 levels. On the other side, the level of 2355 will act as key support for the stock.

Check More Analysis on POLYCAB at: Polycab India Ltd