LICI ALL LEVELSall levels show where it can bounce back from
it is at 50EMA & RSI on 59 showing some strength with rising volume
Licipo
Life Insurance Corporation of India view for tomorrowIntraday view for tomorrow...
LICI buy above 682
sell view below 674
Follow risk reward and stop loss
LIC STOCK ANALYSISAs expected in the last post(linked), we have seen further weakness in the stock and still, the price structure of the stock does not look promising.
Immediate resistance for the stock: 705-720
Immediate support at 655-650
LIC STOCK VIEW ANALYSIS LIC SHARE PRICE TARGET India's Largest Insurance Provider
Owned by Govt of India
IPO was subscribed 2.95 times
Listed at Discount on 17 May 2022
Listed in the large-cap category
It is assumed that the poor listing of the stock is because of the adverse market conditions, but charts are telling a different story and also indicate further weakness in the stock.
Since the stock is trading in uncharted territory, we can derive support levels with the help of Fibonacci and harmonic patterns.
Current price action suggests that the weakness can continue further until the next support levels, which we have derived from Fibonacci i.e 723 levels.
So keep an eye on the price action, if you are keen on investing in LICI and look out for positive price action for spotting any bottom formation in the stocks.
Currently picking this falling knife can be disastrous for your portfolio, so sit tight and wait for the right opportunity and the right price for entering the stock.
LICI MAY 17, 2022 / 10:48 PM IST
LIC IPO market debut highlights: Stock ends first trading day at Rs 872/share on BSE, down 8% from issue price
The stock ended the first day of trading at Rs 872.70, down Rs 76.30, or 8.04 percent. It has touched an intraday high of Rs 920.00 and an intraday low of Rs 860.10.
