(TMT) MAX FINANCIAL SERVICE (close 722):- Sustain At trend line support zone, If not break then reversal on card 680 sl for short term and 580 for long term investor expected 1500+ #MFSL
Double whammy! Tax exemption reversal makes life insurance cos run for cover
Shares of life insurance companies fell sharply in trade on Wednesday following the announcements and extended the losses on Thursday. Shares of SBI Life Insurance, Life Insurance Corporation of India (LIC), Max Financial Services, and HDFC Life Insurance Co declined 0.5-6%.
Budget 2023: Life insurance cos tank up to 11% on demand worries
Shares of HDFC Life Insurance nosedived 12% to Rs 510.30, while SBI Life Insurance plunged 9% to Rs 1,119. The countrys largest life insurer Life Insurance Corporation of India (LIC) declined 5% to Rs 618.40. Max Financial plummeted 10% to Rs 752.10. PB Fintech dropped 7% to Rs 397.25.
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For the last 5 months approximately, Max Financial Services is making lower highs and lower lows structure. Recently it has started changing its structure by making higher highs and higher lows, and also it broke 12 months old trendline.
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After a short-term correction, the stock has formed a range-bound formation near the 200-Day SMA (Simple Moving Average). It has formed a promising reversal formation this week and is comfortably trading above 20-Day SMA.
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HPCL formed long bullish candle on the daily charts with strong volumes, making higher high higher low formation. The stock has seen a decisive breakout of horizontal resistance trend line adjoining September 13 and December 12, 2022.
Axis Bank enters into revised pact with Max Fin Serv for acquiring additional 7 pc stake in Max Life
The penalty on Max Life Insurance was for violation of IRDAI's direction, misrepresentation to obtain approval, and contravention of share transfer directions. Axis Bank was fined for making undue gains in the deal and violation of norms.
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The Banking Index was under immense selling pressure and on the weekly chart, it underperformed against the benchmark index. Bank Nifty has closed below 9 & 21 EMA on the daily chart but on the weekly time frame, index is trading above its 21 EMA which is placed at 41,017 levels. The overall trend is bullish as prices are trading within the rising channel pattern with higher high higher bottom construction on the weekly scale.
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Max Financial Services jumped 3 percent to Rs 735.4 and formed long bullish candlestick pattern on the daily charts with above average volumes, with higher high higher low formation for third straight session. In fact, it has been in an uptrend after break out of long downward sloping resistance trend line adjoining September 20 and December 19, 2022, on January 3.
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Max Financial Services was also in action, rising nearly 4 percent to Rs 710 and there was formation of large bullish candle on the daily charts with above average volumes, with making higher high for third straight session. In fact, Tuesday's breakout was after couple of weeks of consolidation. The stock has seen a breakout of long downward sloping resistance trend line adjoining September 20, and December 19, 2022.
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“Banking still remains an interesting space because historically the rise in interest rates are followed by rising NPAs. We have to look at it from pre-2015 before the AQR and IBC was launched and post 2015 when over the past five years all incremental lending has gone to retail. So to that extent, this space is unlikely to see a huge blow out like we saw with the previous rising cycle ”
#MFSL - seems the sector to continue the bull rally could be Financials. Hence, have shortlisted a few financial stocks that could push the existing run, starting with #MFSL, though almost all of financials should do well in the near-term. All levels mentioned of chart and below,......read more