In the previous session, the market saw a flat opening and got stronger as the day progressed. The Nifty index made a day high near 16653 and closed with a net profit of 158 points. On the technical note, the index formed a bullish candle on the chart. Market will be volatile due to the Fed meeting outcome. Hence a cautious approach is advisable for the next trading day.

 Look at the below research report of ‘Stocks to Buy for -Thursday, July 28, 2022’ before the market opens.

Polycab India Ltd.

In the daily time frame, share prices are moving in the form of the ‘Symmetrical Triangle’ pattern. As shown on the chart, prices is moving near the neckline of the pattern. A closing above this level will confirm the pattern. A white bullish window appeared on the daily chart. As per pattern theory, 240 points movement on upside can be expected in coming days. Stock comfortably closed above the 9 days EMA support which indicates short term bullishness.

In short, POLYCAB chart looks attractive, positions can be created above 2235 levels, which can take prices towards 2475 level. This outlook is valid as long as we do not see any closing below 2130 level.

Check More Analysis on POLYCAB at: Polycab India Ltd