Shares of New India Assurance Company jumped 9.4%, while IFCI gained 7.8% on Thursday, 17 September, amid the opening of the NSE IPO.
New India Assurance holds a 1.42% direct stake in NSE, according to the exchange’s Red Herring Prospectus, making it a direct beneficiary of any value unlocked through the listing. Stock Holding Corporation of India (SHCIL) holds a 4.4% stake in NSE, while IFCI is a promoter of SHCIL.
Recent price action in both counters has remained volatile, largely driven by developments surrounding the NSE IPO. Both stocks witnessed strong gains during the morning session on Thursday, followed by profit booking at higher levels.
According to Rajesh Bhosale, Technical Analyst at My Advisor Alpha, this volatility could persist, while the near-term trend remains unclear.
New India Assurance Company share price today
New India Assurance Company share price today opened at ₹186.40 apiece on the BSE, the stock touched an intraday high of ₹201.15 per share, and an intraday low of ₹184.55 per share.
Rajesh Bhosale said New India Assurance could trade in the ₹170–210 range, with ₹170 acting as the key support level and ₹210 as the immediate resistance.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said New India Assurance has corrected around 21% from its high of ₹243 recorded on 7 September. The stock’s RSI has moved lower, indicating a buildup of bearish momentum, while rising MACD histogram bars further reinforce the bearish bias.
According to Shah, the ₹205–210 zone is likely to act as an immediate resistance, and the stock could remain under pressure as long as it trades below this range. On the downside, the ₹180–175 zone is expected to provide immediate support. A decisive break below this zone could invite further weakness.
IFCI share price today
IFCI share price today opened at an intraday low of ₹75.09 apiece on the BSE, the stock touched an intraday high of ₹80.95 per share.
For IFCI, Rajesh Bhosale sees a ₹71–88 trading range, with ₹71 as support and ₹88 as resistance.
Shah said IFCI has corrected nearly 29% from its high of ₹107.50 recorded on 4 September. The stock has slipped below its 20-, 50- and 100-day EMAs, signalling deterioration in its near-term price action.
He added that the RSI has also declined sharply from 77 to around 40, indicating a buildup of bearish momentum. The ₹73–72.50 zone is likely to act as an immediate support, while a decisive break below this level could lead to further weakness.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
