CDSL shares surge over 8% to Rs 1,390. Here’s why

by The Technical Blogs


Central Depository Services Limited (CDSL) shares experienced a significant uptick on Monday, surging over 8 per cent. At around 12:50 am, share of CDSL were up 8.67 per cent to Rs 1,393.45 apiece. In the past five trading sessions, CDSL shares have witnessed a remarkable increase of over 20 per cent, following a ‘Buy’ rating from Ambit.

Notably, CDSL recently broke through its horizontal resistance trendline, experiencing a 6.6 percent surge to reach Rs 1,282 and forming a strong bullish candlestick pattern in the daily timeframe.

CDSL’s stocks have also regained their 20 and 50-day Simple Moving Averages (SMA), demonstrating a clear positive bias. Additionally, the daily, weekly, and monthly Relative Strength Index (RSI) indicators have all remained in positive territory.

Over the past month, CDSL shares have recorded a robust growth rate of over 16 per cent.

Ambit considers CDSL as an excellent investment opportunity for those interested in ‘equitisation’ and has set a target price of Rs 1,400, reflecting a potential 22 per cent increase in the stock’s value.

Ambit further highlights that CDSL is one of only two central securities depositories in India, with a current market size of Rs 900 crore. The financial advisory firm anticipates that CDSL’s market size will expand to Rs 2,000 crore by the fiscal year 2030.

(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not necessarily reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)

Published On:

Sep 11, 2023


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