POLYCAB INDIA SHORT SELLTrade Idea : Polycab India Ltd (NSE: POLYCAB) SHORT SIDE
Current Price : ₹6,740
Resistance Zone: ₹6,800 – ₹6,875
Bias : Short (Sell) below resistance
Rationale
Polycab India Ltd is currently facing strong resistance in the ₹6,800–₹6,875 zone. The price has attempted to break above this area but failed to sustain, indicating potential exhaustion of bullish momentum. Unless there is a weekly closing above ₹6,850, the setup favors a short position targeting a pullback.
Trade Plan
Entry: Near ₹6,800–₹6,875 resistance zone or red zone
Stop Loss: Above ₹6,875 (weekly close above ₹6,850 invalidates the setup)
Target: ₹6,250–₹6,260 zone
Risk-Reward: Favorable, with a clear invalidation point and defined downside target
Chart Observations
Price action shows repeated rejection in the marked supply zone.
Volume analysis supports the likelihood of a reversal.
The projected path anticipates a move down to the ₹6,250 area, as highlighted on the chart.
Disclaimer
This analysis is for educational purposes only and does not constitute financial advice or a recommendation to buy or sell any securities. Trading and investing in the stock market involves risk. Please do your own research or consult a qualified financial advisor before making any trading decisions. The author is not responsible for any losses incurred as a result of following this analysis.
