This chart of Polycab India Ltd shows significant technical activity. Here’s a detailed breakdown of the chart analysis using various elements and emojis:

1. Price Action:

The stock experienced a gap down 📉 in July, where the price dropped significantly, likely due to negative news or market conditions.

After the gap down, the price started to consolidate in a sideways range 📊 with lower highs and higher lows, forming a symmetrical triangle pattern 🔺 over the last few months.



2. Trendline and Support:

A clear ascending trendline ⬆️ has been drawn, indicating higher lows. This shows consistent buying pressure at the lows, which suggests accumulation at these levels.

The stock found support 🔵 around the 6,600-6,700 INR zone multiple times, as indicated by the blue arrows on the chart.



3. Resistance and Breakout:

The stock had trouble breaking through the 6,900-7,000 INR resistance level 🔴 for a few months, as shown by the repeated downward arrows.

However, it has now broken out 🚀 with a strong bullish candle (green candle) above this key resistance level, closing at 7,054.80 INR. This is a breakout 📈 above the consolidation zone and signals potential further upside.



4. Volume:

The breakout is accompanied by high volume 📊 (1.291M), which confirms that the breakout is likely strong and backed by institutional or heavy buying.



5. Previous Gap:

The gap down from July has now been completely filled 🟢, as the price has moved back into the previous range, suggesting that the market has absorbed whatever negative factors caused the gap.




Conclusion:

The stock has successfully broken out of the symmetrical triangle pattern 🔺, filling the gap down from July 📉, and is showing strong bullish momentum 🚀. The volume also supports the breakout, and the next resistance levels to watch would be around 7,200 INR and beyond.

No recommend for buy or sell 😕
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