ICICI Lombard Update: Sharp Move Plays Out

Following our post on 20 September flagging

Morning Star formation and trendline breakout near the 1,423 pattern low, the stock has seen a sharp move, gapping up to touch a high near 1,577 in todays trading session. RSI at 66.60 has moved further into bullish territory from the 54.68 level seen at the time of the original post. Resistance: 1,580, then the 1,650 zone. Support: 1,510 then 1,470 a level that had earlier acted as resistance when the morning star was formed and could now offer support on any pullback. This is a good example of a reversal setup — the Morning Star pattern, trendline break, and supporting volume flagged earlier — playing out with more follow-through than initially expected. Whether the stock consolidates near current levels or extends further will be the next thing to track, with the 1,570-1,600 zone as the reference for how any deeper pullback behaves. When multiple technical signals align at a reversal point, the resulting move can sometimes extend well beyond the initial resistance levels originally flagged for the setup. Disclaimer: This is for educational purposes only and is not investment advice. Please consult your financial advisor before making any investment decisions. SEBI Registered Research Analyst — INH000025212.