ICICI Lombard General Insurance Co Ltd Stock Forecast

Evaluation of ICICI Lombard General Insurance Co Ltd stock downgraded after the last trading session.
(Updated on May 17, 2024)

ICICIGI.NS Signals & Forecast

There are mixed signals in the stock today. The ICICI Lombard General Insurance Co Ltd stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at ₹1,686.27. On a fall, the stock will find some support from the short-term average at ₹1,668.61. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. A buy signal was issued from a pivot bottom point on Thursday, May 09, 2024, and so far it has risen 1.09%. Further rise is indicated until a new top pivot has been found.

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Monday, April 15, 2024 and based on theory for this formation the price should go up by 1.12% to ₹1,688.30 within 7 trading days since signal was issued (Monday, May 20, 2024).

Support, Risk & Stop-loss for ICICI Lombard General Insurance Co Ltd stock

ICICI Lombard General Insurance Co Ltd finds support from accumulated volume at ₹1,648.65 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ₹21.55 between high and low, or 1.30%. For the last week the stock has had daily average volatility of 1.91%.

Our recommended stop-loss: ₹1,588.83 (-4.83%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 6 days ago.)

Trading Expectations (ICICIGI.NS) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect ICICI Lombard General Insurance Company Limited to open at ₹1,671.43, and during the day (based on 14 day Average True Range), to move between ₹1,627.37 and ₹1,711.73, which gives a possible trading interval of +/-₹42.18 (+/-2.53%) up or down from last closing price. If ICICI Lombard General Insurance Company Limited takes out the full calculated possible swing range there will be an estimated 5.05% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹1,648.65 (1.25%) than the resistance at ₹1,710.10 (2.43%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is ICICI Lombard General Insurance Company Limited stock A Buy?

ICICI Lombard General Insurance Co Ltd holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: -0.872 Hold/Accumulate Downgraded

Predicted Opening Price for ICICI Lombard General Insurance Company Limited of Monday, May 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.