Birla Cable was locked in 20 percent upper circuit at Rs 144, forming robust bullish candlestick pattern on the daily charts with above average volumes. It has seen a breakout of long downward sloping resistance trend line adjoining March 23, April 7, and August 2 this year.
Birla Cable has consolidated from August 2021 till January 2022. Recently the counter has a clean weekly breakout on triangle pattern with moving average convergence divergence (MACD) giving positive crossover above zero which is indicating that the stock is ready for up move.