Shares of Life Insurance Corporation of India (LIC) hit a 52-week high of ₹799 on the Bombay Stock Exchange. Currently, the LIC shares are rallying by five per cent of ₹786.85. The shares had opened at ₹745.70 in the morning.
At the National Stock Exchange, the shares were trading at ₹783.50.
The shares of LIC had hit a 52-week low of ₹530.05 in March this year. Since then, the shares have witnessed an upward trend.
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On November 24, the shares had jumped by nearly 10 per cent. The stock had The stock jumped 9.69 per cent to settle at ₹677.65 on the BSE. During the day, it zoomed 10.35 per cent to ₹681.80. At the NSE, it climbed 9.71 per cent to settle at ₹677.70.
The LIC had opened its IPO last year for subscriptions on May 4 at a price band of ₹902 to 949 a piece. The shares were listed on the stock market at ₹867 per share levels on theBSE and ₹872 per equity share on the NSE.
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What experts say on LIC share price surge?
“LIC shares have surged following a breakout at ₹698 per share. The stock may still continue to trend upward when it closes today above ₹750 and opens again above ₹750,” Vaibhav Kaushik, research analyst at GCL Broking, said.
“This implies that the LIC share price is likely to reach ₹805 and ₹840 mark in a short period. After hitting ₹840 level in per share basis, it is expected that the share price will rise to ₹940 to ₹950 If it opens above ₹750 one can buy LIC shares holding stop loss at ₹725 per share for the above said targets,” he added.
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Ravi Singh, market expert, said,”Since it gave breakout at ₹698 per share, LIC shares have been on an uptrend. The stock may continue its current uptrend if it closes above ₹750 level and opens in tomorrow above this price level. As such, LIC share price is anticipated to reach ₹805 and ₹840 in the short term.”
“The breakout of the mild consolidation in the range of 700 to 670 denotes a bullish breakout towards 750 levels. At the 680 and 670 level support is given for present tendency. A reasonable accumulation at around 720 – 710 would be conducive to the medium-term outlook of 800 on the weekly chart,” he added.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Hindustan Times. We advise investors to check with certified experts before taking any investment decision.
