In the previous session, the market witnessed volatility throughout the day. The Nifty Index saw a negative opening in the morning session, later we noticed some recovery in the market. In the afternoon session, the index again saw selling pressure. As per the candle chart technique, the index formed a bullish candle on the chart and closed on a net profit of 44.50 points. A cautious approach is advised for the next session.

 Look at the below research report of ‘ Stocks to Buy for Tuesday, January 31,2023’ before the market opens.

Polycab India Ltd.

The stock is on the verge of generating a breakout above the trendline level indicating up move and offer fresh entry opportunity. Midcap index is down by at least 3% to 4% in the last many sessions but Polycab stock has been holding a steady ground .In the previous session, we saw a breakout with volumes when the markets were struggling. Stock is sustaining about its 21-EMA since last 15 days indicating bullishness.

In short, the trend for POLYCAB looks to be positive for now. Positions can be created only above 2830 levels, which can take prices towards 2916 levels. On any weakness in the market, If stock slips below 21 EMA support we need to review the technical setup and chart structure.

Check More Analysis on POLYCAB at: Polycab India Ltd