LIC Shares

LIC’s stock price reached an all-time high in anticipation of today’s Q3 results. The question arises: should you buy, hold, or take profits?

Posted by

As of this morning, before the Q3 results for the current financial year are revealed, Life Insurance Corporation’s (LIC) shares saw a significant surge. The opening bell in the stock market witnessed LIC’s share price starting on a positive note, quickly reaching a new pinnacle of ₹1,100 per share on the NSE.

LIC Shares

Market experts are optimistic about Life Insurance Corporation’s Q3FY24 results, anticipating positive outcomes. They highlight the expected robust growth in new business premiums for the insurance giant.

Siddhartha Khemka, Head of Retail Research at Motilal Oswal, expressed confidence in LIC’s performance, stating, “Insurance giant Life Insurance Corporation’s will announce results on Thursday where new business premium growth is expected to remain healthy.”

PM Modi’s Positive Remark: LIC

Explaining the market’s bullish sentiment, Avinash Gorakshkar, Head of Research at Profit Mart Securities, pointed to the anticipation of strong quarterly numbers. He noted that the short-term boost for Life Insurance Corporation’s and other PSU stocks stems from Prime Minister Narendra Modi’s positive remarks about business and growth prospects in the parliament.

Life Insurance Corporation.

Looking ahead, Sumeet Bagadia, Executive Director at Choice Broking, foresees further upward movement in LIC shares. He advises existing shareholders to hold onto their stocks, setting a stop loss at ₹1020 per share. Bagadia predicts a potential rise to ₹1,150 per share in the short term.

For new investors, Bagadia suggests adopting a “buy on dips” strategy, with a stop loss at ₹1020. The short-term targets for these fresh investments are set at ₹1125 and ₹1150 per share, respectively.

For more trending and facts to know blogs click on ChannelAdvisorNews.