Key Points
Shares of LIC closed at their lowest level since listing, at Rs 536.95, on Tuesday...
The stock shed 1.5% during the session, and touched its lowest level ever of Rs 535 in intra-day trade...
Buying interest has been low amid consolidation in the market. Further, strong institutional support has been lacking, with the continuous outflows by FIIs impacting performance, said Kranthi Bathini, director (equity strategy) at WealthMills Securities...
The stock has drastically slipped from its peak zone and, after making a lower top formation near 625-levels, again eroded by breaking the crucial support zone of 565-levels, further weakening the trend..
The stock has turned very bearish with next major support visible near 485-zone, with the RSI sliding further southward from the oversold zone indicating weak sentiment and bias..
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