Synopsis
The insurance stock hit a 52-week high of Rs 724 on 8 September 2021 but it failed to hold on to the momentum. The stock closed at Rs 553 on 29 July which translates into a downside of over 23 per cent – effectively placing the stock in a bear grip.
ICICI Prudential Life Insurance Company which is in a bear grip gave a breakout above the falling trendline resistance on daily charts which suggests momentum in the short term. The insurance stock hit a 52-week high of Rs 724 on 8 September 2021 but it failed to hold on to the momentum. The stock closed at Rs 553 on 29 July which translates into a downside of over 23 per cent – effectively placing the stock in a bear grip. A fall of over 20
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