Dinesh Rohira
After remaining in a muted direction for the last 5-7 trading sessions, ICICI Pru Life Insurance came under massive selling pressure in the last four trading sessions to close below its crucial support of 200-days moving average placed at Rs 350 odd levels, and also formed a 52-week low of Rs 295 levels in last trade.
The scrip breached below all crucial moving average level in current trade despite making an attempt to reverse the trend which failed to keep scrip under selling regime.
The scrip formed a long bearish candlestick pattern on weekly price chart which indicates persistent selling pressure.
The momentum indicator continued to outline weak trend with weekly RSI at 37 levels while MACD started to trade below its Signal-Line in past sessions. We have a sell recommendation for ICICI Pru Life Insurance which is currently trading at Rs. 299.40.
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