Life Insurance Corporation of India Stock Forecast
Life Insurance Corporation of India stock price ended at ₹970.15 on Friday, after losing 0.329%.
(Updated on May 17, 2024)
The Life Insurance Corporation of India stock price fell by -0.329% on the last day (Friday, 17th May 2024) from ₹973.35 to ₹970.15. During the last trading day the stock fluctuated 1.38% from a day low at ₹965.60 to a day high of ₹978.95. The price has fallen in 6 of the last 10 days and is down by -0.9% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -27 thousand shares and in total, 64 thousand shares were bought and sold for approximately ₹62.14 million.
The stockhas broken the wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is ₹968.92, a level that may pose a second chance to hit a runner. According to fan-theory ₹1,120.51 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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LICI.BO Signals & Forecast
The Life Insurance Corporation of India stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at ₹938.44 and ₹960.23. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, April 04, 2024, and so far it has fallen -3.57%. 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 fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Life Insurance Corporation of India stock
Life Insurance Corporation of India finds support from accumulated volume at ₹961.15 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 ₹13.35 between high and low, or 1.38%. For the last week, the stock has had daily average volatility of 3.85%.
Our recommended stop-loss: ₹925.91 (-4.56%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 27 days ago.)
Trading Expectations (LICI.BO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Life Insurance Corporation of India to open at ₹971.57, and during the day (based on 14 day Average True Range), to move between ₹936.20 and ₹1,004.10, which gives a possible trading interval of +/-₹33.95 (+/-3.50%) up or down from last closing price. If Life Insurance Corporation of India takes out the full calculated possible swing range there will be an estimated 7.00% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹961.15 (0.93%) than the resistance at ₹989.80 (2.03%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Life Insurance Corporation of India will release earnings BMO on Wednesday, May 22, 2024. We will update the financials statements for Life Insurance Corporation of India, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 6.13% in the first trading day after earnings release.
Is Life Insurance Corporation of India stock A Buy?
Life Insurance Corporation of India 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.
Current score: -0.592 Hold/Accumulate Unchanged
Predicted Opening Price for Life Insurance Corporation of India of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| ₹971.57 ( 0.146%) | ₹970.15 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for LICI.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 984.92 | 1.52 % | |
| R2 | 979.82 | 1.00 % | ||
| R1 | 976.67 | 0.672 % | ||
| Current price: | 970.15 | |||
| Support | S1 | 966.47 | -0.380 % | |
| S2 | 963.32 | -0.704 % | ||
| S3 | 958.22 | -1.23 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,052.15 | 8.45 % | |
| R2 | 1,006.60 | 3.76 % | ||
| R1 | 989.80 | 2.03 % | ||
| Current price | 970.15 | |||
| Support | S1 | 961.15 | -0.93% | |
| S2 | 914.60 | -5.73% | ||
| S3 | 902.00 | -7.02% |
FAQ
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