Bearish Confluence on POLYCAB

Despite Polycab India Ltd.'s strong fundamentals, the technical setup is flashing caution, with multiple bearish signals converging. This presents a possible short-term reversal or correction scenario. Polycab appears to be entering a potential corrective phase—likely Wave A of an ABC correction. The recent price action within the blue box signals exhaustion near previous supply zones. 📊 MACD Bearish Divergence: While price made a higher high over the past two weeks, the MACD failed to confirm with a higher high, suggesting bearish divergence. This divergence typically precedes momentum loss and possible downside pressure. 📍 Anchored VWAP (AVWAP) Resistance: Price is currently struggling to sustain above the AVWAP anchored from the December 2023 high, indicating a strong resistance zone. Sellers appear to be defending this level aggressively, shown by the upper wick rejections and this week’s bearish candle.