LIC share price: The share price of Life Insurance Corporation (LIC) reached a high level in early trading this morning. LIC shares today opened with an upper margin of around ₹ 10 per share and reached an intraday high of ₹891 level. However, LIC shares soon bounced back from intraday highs after the profit booking trigger at Wednesday’s high. Let us tell you that on Tuesday, LIC shares were listed at a discount of more than 8 percent.
According to market experts, those who applied for IPO offer for listing premium can continue with the stock with a stop loss at ₹870 and wait for a breakout above ₹920 level.
Partha Nyati, Founder, Tradingo, anticipating a limited decline in LIC share price from the current levels, said, “Downside in LIC shares will be limited due to low float nature of newly listed shares. Weak listing of LIC shares mainly due to high volatility. The reason was. Secondary market and negative stock market sentiment was also a factor. Life Insurance Corporation or LIC is synonymous with insurance in India and it is a phenomenal brand.”
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Advising the LIC shareholders to hold the stock further, Ravi Singhal, Vice Chairman, GCL Securities said, “People having LIC shares in their portfolio are advised to buy the stock maintaining a stop loss of Rs 870. LIC share price may turn bullish once. It gives breakout at ₹920 level on closing basis. However, if it fails to give breakout in next few sessions, profit-booking trigger There is a possibility of a sharp fall in the stock. Hence, new investors are advised to wait for sometime session.”
On his suggestion for new investors, Ravi Singhal of GCL Securities said, “New investors are advised to wait for a few sessions as LIC shares may give a breakout above ₹920 depending on the close or breakout.” Can book profit in case of non-delivery.Therefore, new investors should wait for profit-booking and take fresh position at around Rs735 level while maintaining stop loss at around Rs 780 to Rs 800 level .