Sat. Oct 16th, 2021

ICICI Lombard General Insurance Company Ltd – ICICIGI.IN

The most recent price action in ICICIGI shows that it is likely to exceed its multipoint resistance zone that exists between the 1540-1560 levels. The shares have experienced far-reaching consolidation; has seen the formation of higher funds after supporting its 200-DMA, which stands at 1413.

The daily MACD is bullish and stays above the signal line. The RSI has set a new high of 14 periods, which is bullish. RSI, however, is neutral and shows no divergence with respect to price.

The shares were rolled within the main quadrant of the RRG when marked with the broader NIFTY500 index. It is likely to relatively surpass the wider markets.

The RS line against the NIFTY500 index rises and crosses above the 50-DMA. The OBV – On Balance Volume has formed a new maximum that acts as confirmation to the front volume.

If the current technical structure resolves in the intended direction, the stock may test 1620 levels. This view will be denied if the price closes below the 1520 levels.


Milan Vaishnav, CMT, MSTA

Consulting technical analyst

www.EquityResearch.asia


Disclosure in accordance with clause 19 of the SEBI (Research Analysts) Regulations 2014: the analyst, relatives or associates have no financial interest of less than 1% or more than 1% and have not received no compensation from the companies discussed.

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Milan Vaishnav

About the author:
Milan Vaishnav, CMT, MSTA is a qualified technical research analyst at his research firm, Gemstone Equity Research & Advisory Services in Vadodara, India. As a consulting technical research analyst and with his experience in the capital markets of India for over 15 years, he has been delivering to clients an independent technical research focused on India. He currently collaborates daily with ET Markets and The Economic Times of India. He is also the author of one of India’s most accurate “Daily / Weekly Market Outlook”: a daily / weekly newsletter, which is currently celebrating its 15th year of publication. Milan’s main responsibilities include portfolio / fund management advice and advisory services. His job is also to advise these clients with dynamic investment and trading strategies in various asset classes while keeping their activities aligned with the given mandate. Learn more

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