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ICICI Lombard, EID Parry, and ICICI Prudential can give up to 12% return in the short term

On the technical front, now 13,000 should act as strong resistance for Nifty while 29,500 would be an immediate hurdle for Bank Nifty.

ICICI Lombard General Insurance Company | LTP: Rs 1,317.55 | Target price: Rs 1,480 | Stop loss: Rs 1,230 | Upside: 12%

For the last three months, the stock has been consistently moving lower in a downward sloping channel with the formation of the lower high and lower bottom pattern.

However, this week, the stock has once again moved back above its key resistance levels of Rs 1,320 with a breakout above the falling trendline of the sloping channel.

The breakout can be seen with rising volumes and positive divergences on secondary oscillators.

The stock is holding well above its long-term moving averages on daily and weekly intervals.

EID Parry India | LTP: Rs 301 | Target price: Rs 337 | Stop loss: Rs 273 | Upside: 12%

For the last nearly seven weeks, the stock has been consolidating in a broader range of Rs 265-295 along with consistent buying around support levels.

On the daily and weekly charts, the stock is holding well above its short and long-term moving averages.



At the current juncture, the stock has formed an inverted head and shoulder pattern on the daily charts and managed to give a breakout above the neckline of the pattern formation.

ICICI Prudential Life Insurance Company | LTP: Rs 449.70 | Target price: Rs 494 | Stop loss: Rs 415 | Upside: 10%

After testing Rs 487 levels in August, the stock was seen continuously trading lower in a downward sloping channel with the formation of the lower high and lower bottom pattern.

However, it managed to take support at its 200-day exponential moving average on the weekly charts and bounced back after forming a double bottom pattern at Rs 400 levels on the daily charts.

This week, the stock has once again moved back above its key resistance level of Rs 440 with the breakout above the falling trendline of the sloping channel.

The positive divergence on secondary oscillators with a breakout suggests further upside in the prices.

Disclaimer:- Investments in securities market are subject to risk. Consult your financial advisor before taking any of above calls.

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