LICI Investment Idea for Long Term  

Introduction

Life Insurance Corporation (LIC) is the largest insurance provider company in India. It has a market share of above 66.2% in new business premium. The company offers participating insurance products and non-participating products like unit-linked insurance products, saving insurance products, term insurance products, health insurance, and annuity & pension products.

Observation

It has been falling ever since it was listed in stock exchange but... as we can see on the chart it shows rounding bottom pattern completed and breakout in Jan 15, 2024, this shows a time correction now we can expect after the rounding bottom breakout it can go till 1300 level which is almost 40% from the breakout level which is mentioned in the chart 👆. On a day chart also, it shows an RSI 60 levels breakout. Which is again show a strength in this stock.

Technical Analysis & indicators

Rounding Bottom

Weekly chart

News of the day

2. Shares of most city gas distributors rise after local media reported after Tuesday's close that India government in budget is likely to reduce central excise duty on compressed natural gas to 5%-7% from 14%