ICICI Lombard General Insurance Co Ltd Stock Forecast
ICICI Lombard General Insurance Co Ltd stock price down 0.340% on Friday
(Updated on May 31, 2024)
The ICICI Lombard General Insurance Co Ltd stock price fell by -0.340% on the last day (Friday, 31st May 2024) from ₹1,586.15 to ₹1,580.75. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 1.98% from a day low at ₹1,567.25 to a day high of ₹1,598.25. The price has fallen in 7 of the last 10 days and is down by -5.32% for this period. Volume has increased on the last day by 2 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 3 million shares were bought and sold for approximately ₹4.03 billion.
The stock has broken the horizontal trend down. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately ₹1,621.23 is considered to be a "second chance" to get out before further fall. It is, however, important to note that false breaks may appear and that the price may move back into the horizontal trend. A break on increasing volume is considered to be more significant and reliable than breaks on low volume.
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ICICIGI.NS Signals & Forecast
There are few to no technical positive signals at the moment. The ICICI Lombard General Insurance Co Ltd stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹1,620.54 and ₹1,668.74. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, May 08, 2024, and so far it has fallen -8.23%. Further fall is indicated until a new bottom pivot has been found. 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 sell signal from a double top formation was found on Wednesday, May 08, 2024 with a target of ₹1,617.22. Despite whether the objective of the signal formation has been reached the stock may continue to fall.
Support, Risk & Stop-loss for ICICI Lombard General Insurance Co Ltd stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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 ₹31.00 between high and low, or 1.98%. For the last week the stock has had daily average volatility of 2.46%.
ICICI Lombard General Insurance Co Ltd is oversold on RSI14 (24). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ICICIGI.NS) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect ICICI Lombard General Insurance Company Limited to open at ₹1,582.08, and during the day (based on 14 day Average True Range), to move between ₹1,543.62 and ₹1,617.88, which gives a possible trading interval of +/-₹37.13 (+/-2.35%) 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 4.70% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ ₹1,643.25, some ₹62.50 (3.95%) from the current price of ₹1,580.75, our system finds the risk reward not very attractive.
Is ICICI Lombard General Insurance Company Limited stock A Buy?
ICICI Lombard General Insurance Co Ltd holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -4.876 Sell Candidate Unchanged
Predicted Opening Price for ICICI Lombard General Insurance Company Limited of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| ₹1,582.08 ( 0.0843%) | ₹1,580.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ICICIGI.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,613.08 | 2.05 % | |
| R2 | 1,601.24 | 1.30 % | ||
| R1 | 1,593.93 | 0.83 % | ||
| Current price: | 1,580.75 | |||
| Support | S1 | 1,570.24 | -0.665 % | |
| S2 | 1,562.93 | -1.13 % | ||
| S3 | 1,551.08 | -1.88 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,710.10 | 8.18 % | |
| R2 | 1,648.25 | 4.27 % | ||
| R1 | 1,643.25 | 3.95 % | ||
| Current price | 1,580.75 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
ICICIGI Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 07, 2024 | Jun 07, 2024 | Jul 10, 2024 | ₹6.00 | 0.380% |
| 2 | Oct 27, 2023 | Oct 27, 2023 | Oct 27, 2023 | ₹0 | 0% |
| 3 | Jun 12, 2023 | Jun 12, 2023 | Jun 12, 2023 | ₹5.50 | 0.454% |
| 4 | Oct 27, 2022 | Oct 27, 2022 | Oct 27, 2022 | ₹4.50 | 0.387% |
| 5 | Jul 28, 2022 | Jul 28, 2022 | Jul 28, 2022 | ₹5.00 | 0.420% |
FAQ
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