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AnandRathi
ICICI Prudential Life (Buy)
CMP: ₹417.2
Target: ₹464-480
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial power house, and Prudential Plc, a leading international financial services group headquartered in the UK.
Prudential Corporation Holdings is an indirect wholly-owned subsidiary of Prudential Plc. Prudential Plc and its affiliated companies constitute one of the world’s leading financial services groups, serving around 26 million customers and it has £657 billion of assets under management (as at December 31, 2018).
The stock has provided a breakout from the consolidation with a buy crossover in its momentum indicators. The Bollinger bands on the daily charts are expected to expand with this breakout which will also confirm the upward breakout thereafter. The stock has been trading well in an upward sloping parallel channel as well above its 200-DMA which is a positive sign going forward. On the upside the upper end of the channel is the first target, that is, 464 and above that the aggressive target of the triangle breakout is 480. The support on the lower side is pegged at ₹373, hence that will be a stop-loss on a closing basis.
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