General Insurance Corporation of India Stock Forecast
General Insurance Corporation of India stock price ended at ₹393.80 on Friday, after gaining 0.94%.
(Updated on Jun 14, 2024)
The General Insurance Corporation of India stock price gained 0.94% on the last trading day (Friday, 14th Jun 2024), rising from ₹390.15 to ₹393.80. It has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 5.50% from a day low at ₹391.65 to a day high of ₹413.20. The price has risen in 8 of the last 10 days and is up by 10.6% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 63 thousand more shares were traded than the day before. In total, 110 thousand shares were bought and sold for approximately ₹43.21 million.
The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at ₹394.15 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 13.52% during the next 3 months and, with a 90% probability hold a price between ₹386.32 and ₹447.43 at the end of this 3-month period.
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GICRE.BO Signals & Forecast
The General Insurance Corporation of India stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹380.69 and ₹352.68. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, June 05, 2024, and so far it has risen 14.18%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for General Insurance Corporation of India stock
General Insurance Corporation of India finds support from accumulated volume at ₹380.05 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹21.55 between high and low, or 5.50%. For the last week, the stock has had daily average volatility of 4.59%.
Since the General Insurance Corporation of India has been rising for 7 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: ₹375.82 (-4.57%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 16 days ago.)
Trading Expectations (GICRE.BO) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect General Insurance Corporation of India to open at ₹399.55, and during the day (based on 14 day Average True Range), to move between ₹376.31 and ₹411.29, which gives a possible trading interval of +/-₹17.49 (+/-4.44%) up or down from last closing price. If General Insurance Corporation of India takes out the full calculated possible swing range there will be an estimated 8.88% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹380.05, some ₹13.75 (3.49%) from the current price of ₹393.80, our system finds the risk reward attractive.
Is General Insurance Corporation of India stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for General Insurance Corporation of India stock to perform well in the short-term.
Current score: 2.572 Buy Candidate Unchanged
Predicted Opening Price for General Insurance Corporation of India of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| ₹399.55 ( 1.46%) | ₹393.80 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GICRE.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 421.10 | 6.93% |
| R2 | 412.87 | 4.84% |
| R1 | 407.78 | 3.55% |
| Price | 393.80 | |
| S1 | 391.32 | -0.630% |
| S2 | 386.23 | -1.92% |
| S3 | 378.00 | -4.01% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 393.80 | |
| S1 | 380.05 | -3.49% |
| S2 | 379.40 | -3.66% |
| S3 | 353.05 | -10.35% |
GICRE Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 08, 2023 | Sep 08, 2023 | Oct 26, 2023 | ₹7.20 | 3.30% |
| 2 | Jun 07, 2022 | Jun 07, 2022 | Jun 25, 2022 | ₹2.25 | 1.94% |
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