We recommend Buy call on ICICI Lombard General Insurance Company Ltd. We base our theory on Technical as well as Fundamental.
1) Bollinger Band: A Strong breakout witnessed by the company price on the Indicator.
2) Relative Strength Index: Above 60 Break for the Stock, which indicates strong Uptrend.
3) Fibbonacci Retracements: Stock recently crossed 23.60% level, Next targets would be 38.20% followed by 50%.
4) Company Valuation: Company P/E is around 37.7 as compared to Industry P/E of 72. Company has been posting good Quarterly results, there has been an slight improvement in Balance sheet .
Hence, Based on our analysis one should go Long on ICICI Lombard General Insurance Company Ltd above 1200 with SL 1155 & Targets 1240, 1280.
1) Bollinger Band: A Strong breakout witnessed by the company price on the Indicator.
2) Relative Strength Index: Above 60 Break for the Stock, which indicates strong Uptrend.
3) Fibbonacci Retracements: Stock recently crossed 23.60% level, Next targets would be 38.20% followed by 50%.
4) Company Valuation: Company P/E is around 37.7 as compared to Industry P/E of 72. Company has been posting good Quarterly results, there has been an slight improvement in Balance sheet .
Hence, Based on our analysis one should go Long on ICICI Lombard General Insurance Company Ltd above 1200 with SL 1155 & Targets 1240, 1280.
Comment:
Our First Target of 1250 almost achieved.