POLYCABPolycab India Ltd.,is retraced to 41% from its recent higher highs of 7794.95 and innear its buy zone. Script is below its all moving averages 10...200 days EMA.
Elliot wave analysis also supports to the idea of potentail buying interest as 8 wave cycle is completed at 4636.45
On daily chart Bullish Shark pattern is visible . Current market price is, at its Potential Price Reversal Zone (PRZ), and price trend reversal can unfold in coming days. It can be rewarding bet for aggressive traders with risk to profit of 1:3.
Entry at: 4918
Stoploss: 4236
Target-1: 5827
Target-2: 7605
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