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.