ITC, LIC, ICICI Bank: Key resistance and support levels for these buzzing stocks
The price action in LIC has entered a new leg of breakout post hitting a fresh all-time high. The current bias is witnessing a bullish momentum in the overbought category of RSI.
SUMMARY
- Domestic benchmark stock indices settled lower on Thursday.
- For LIC, Rs 960 is a key support; target Rs 1,200-mark, says analyst.
- ITC in oversold territory but price continues to observe selling pressure.
Domestic stock indices ended settled on Thursday amid the expiry of weekly F&O contracts and the post the outcome of RBI’s money policy review. The 30-share pack BSE Sensex closed at Rs 71,428.43, down 723.57 points, or 1 per cent. The NSE Nifty tumbled 213 points 0.97 per cent, to end the session at 21,717.95.
A few stocks Life Insurance Corporation of India Ltd (LIC), ICICI Bank Ltd and ITC Ltd are likely to remain in focus today. Here is what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox has to say on these stocks ahead of Friday’s trading session:
Life Insurance Corporation of India | Resistance: Rs 1,200 | Support: Rs 840
The price action in LIC has entered a new leg of breakout post hitting a fresh all-time high. The current bias is witnessing bullish momentum in the overbought category of Relative Strength Index, implying a robust trend in play. As long as the support of Rs 960 level is protected, the price may rally towards the Rs 1,200-mark. The medium-term outlook is well placed over the vital support of Rs 840 level.
ITC | Resistance: Rs 430-445 | Support: Rs 380
ITC had seen extensive selling pressure following a breach of the 200-day moving average (DMA), steering a negative bias. While the stock has entered the oversold territory, the price continues to observe selling pressure. The trend appears to be slipping towards the 380 level. On the upside, the hurdles of Rs 430 and Rs 445 dampen the favourable trend.
ICICI Bank | Resistance: Rs 1,050-1,200 | Support: Rs 945
ICICI Bank is trading in a range of Rs 1,050 to Rs 970 levels; a definite outlook may emerge once this range is broken. A bullish breakout could see the price heading to Rs 1,200-mark, while a breakdown could send the price to Rs 900 level. The 200-DMA is positioned at Rs 945, which might provide an immediate support.
Check out the complete list of stocks on analysts Kushal Gupta and Varun Dubey’s radar.
In this edition of Traders’ Diary, the Zee Business research team shares exclusive research on 20 stocks that investors and traders can track on Thursday, February 8. Check out the complete list of stocks on analysts Kushal Gupta and Varun Dubey’s radar.
Here’s the complete list of investment and trading ideas for the day:
Kushal Gupta
Buy Welspun Enterprises shares in the cash segment for a target of Rs 372 with a stop loss at Rs 355
Buy Lupin futures for a target of Rs 1,660 with a stop loss at Rs 1,585
Buy the Rs 555 call option of Apollo Tyres at Rs 20 for a target of Rs 35 with a stop loss at Rs 12
Technical pick: Buy Cummins shares for a target price of Rs 2,500 with a stop loss at Rs 2,390
Fundamental pick: Buy Tata Communications shares for a one-year target of Rs 2,050
Investment idea: Buy ICICI Bank shares for a one-year target of Rs 1,250
News-based pick: Sell GNFC shares for a target of Rs 670 with a stop loss at Rs 715
My Choice picks:
- Buy SH Kelkar shares for a target of Rs 177 with a stop loss at Rs 165
- Buy Jamna Auto Industries shares for a target of Rs 135 with a stop loss at Rs 125
- Buy EPL shares for a target of Rs 199 with a stop loss at Rs 186
Varun Dubey
Buy IRB Infrastructure Developers shares in the cash segment for a target price of 71.5 with a stop loss at Rs 67.5
Buy Manappuram Finance futures for a target of Rs 198 with a stop loss at Rs 186
Buy the Rs 270 call option of Power Grid Corporation of India for a target of Rs 11 with a stop loss at Rs 7
Technical pick: Buy Life Insurance Corporation of India (LIC) shares for a target of Rs 1,080 with a stop loss at Rs 1,038
Fundamental pick: Buy SJVN shares for a target of Rs 153 with a stop loss at Rs 144
Investment idea: Buy Central Depository Services Ltd (CDSL) shares for a target of Rs 2,200 with a perspective of 6-months
News-based pick: Buy Mangalore Chemicals and Fertilisers shares for a target of Rs 125 with a stop loss at Rs 117
My Choice picks:
- Buy KEC shares for a target of Rs 677 with a stop loss at Rs 638
- Buy INOX Wind for a target of Rs 564 with a stop loss at Rs 532
- Buy HBL Power Systems shares for a target of Rs 565 with a stop loss at Rs 545
Thanks with Reference to: https://www.businesstoday.in/markets/trending-stocks/story/itc-lic-icici-bank-key-resistance-and-support-levels-for-these-buzzing-stocks-416796-2024-02-09 and https://www.zeebiz.com/markets/stocks/news-traders-diary-buy-sell-or-hold-strategy-on-icici-bank-lic-lupin-cummins-tata-communication-over-a-dozen-other-stocks-today-275570
