ITC-LIC- ICICI Bank: Amid weekly F&O contract expiration and the aftermath of the RBI’s money policy review, domestic stock indices concluded Thursday’s trading session settled. With a loss of 723.57 points, or 1%, the 30-share pack BSE Sensex closed at Rs 71,428.43. At 21,717.95 at the end of the session, the NSE Nifty fell 213 points or 0.97 percent. – ITC-LIC- ICICI Bank
A few stocks are probably going to stay in the spotlight today: Life Insurance Corporation of India Ltd (LIC), ICICI Bank Ltd, and ITC Ltd. Before Friday’s trading session, Avdhut Bagkar, a derivatives and technical analyst at StoxBox, had the following to say about these stocks:
Life Insurance Corporation of India: Rs. 840 is the support; Rs. 1,200 is the resistance.
After reaching a new all-time high, the price action in LIC has begun a new breakout leg. Relative Strength Index’s overbought category is where the bias is currently seeing bullish momentum, which suggests a strong trend is at work. The price may rise to around Rs 1,200 if the support level at Rs 960 is maintained. The critical support level of Rs 840 serves as a good place for the medium-term outlook.
ITC | Support: Rs 380 | Resistance: Rs 430–445
ITC had experienced significant selling pressure as a result of a negative bias-inducing breach of the 200-day moving average (DMA). The price is still seeing selling pressure even though the stock has moved into oversold territory. It seems that the trend is moving in the direction of the 380 mark. The obstacles at Rs 430 and Rs 445, on the upside, stifle the positive trend.
ICICI Bank | Support: Rs 945 | Resistance: Rs 1,050-1,200
ICICI Bank is currently trading between Rs 1,050 and Rs 970; if this range is broken, a clear picture could become apparent. If there is a bullish breakout, the price may rise to around Rs 1,200; if there is a breakdown, it may fall to around Rs 900. At Rs 945, the 200-DMA is positioned to potentially offer immediate support.
