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Axis Securities expressed optimism about the trajectory of Life Insurance Corporation of India (LIC) stock. The analysis highlighted a significant development as the stock successfully breached its ‘multiple resistance zone’ at Rs 754. This breakthrough, coupled with strong trading volumes, indicates a positive bias in LIC’s current trajectory.
Axis Securities has recommended a ‘buy’ on LIC stock, projecting a potential 12-17% upside over the next 3-4 weeks. The brokerage suggests a buy range of Rs 790-774, with an ambitious target set between Rs 874-916 levels. The noted trend reversal level is identified at Rs 740.
As of the latest market update, LIC was trading at Rs 801.20, reflecting a modest 1.73% decrease. Axis Securities emphasized that despite this short-term dip, the overall analysis supports a bullish outlook for LIC stock.
The brokerage pointed out key technical indicators supporting its optimistic view. The Relative Strength Index (RSI), both on a weekly and daily basis, is on a bullish trajectory. RSI, a momentum indicator widely used in technical analysis, measures the speed and magnitude of recent price changes. In this case, the RSI for LIC stock is holding above the reference line, signaling a positive bias in the stock’s momentum.
About Axis Securities:
Axis Securities has set a near-term target for LIC stock at Rs 874, with further potential for the stock to move towards Rs 916 levels. The buy range provided by the brokerage (Rs 790-774) reflects the levels at which investors may consider entering positions to capitalize on the projected upside.
Axis Securities’ technical analysis paints a positive picture for LIC stock, emphasizing the recent breakout and strong volume as key indicators of a favorable trajectory. Investors looking for short-term opportunities may find Axis Securities’ recommendation and target levels noteworthy as they consider their investment strategies in the coming weeks. As with any investment decision, it’s crucial for investors to conduct their own research and consider their risk tolerance before making investment choices.