ICICI Lombard General Insurance Company Ltd -- ICICIGI.IN
The most recent price action in ICICIGI shows that it is likely to move past its multi-point resistance zone, existing between 1540-1560 levels. The stock has seen a broad range consolidation and the formation of higher bottoms after it took support on its 200-DMA, which stands at 1413.
The daily MACD is bullish and remains above its signal line. The RSI has marked a new 14-period high, which is bullish. RSI, however, is neutral and does not show any divergence against the price.
The stock has rolled inside the leading quadrant on the RRG when benchmarked against the broader NIFTY500 Index. It is likely to relatively outperform the broader markets. The RS line against the NIFTY500 Index is inching higher and has crossed above the 50-DMA. The OBV (On Balance Volume) has formed a new high, which acts as a confirmation on the volume front.
If the current technical structure resolves in the intended direction, the stock may test 1620 levels. This view will be negated if the price closes below 1520 levels.
Milan Vaishnav, CMT, MSTA
Consulting Technical Analyst
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