Shares of Central Depository Services (India) Ltd (CDSL) are in a bull run for the last seven sessions. The stock, which closed at Rs 1,354.45 on September 10, 2024 hit a high of Rs 1568.30 in the current session, rising 16% during the period. At the current level, the CDSL stock has risen 137.88% from its 52 week low of Rs 631. The CDSL stock hit a record high of Rs 1664.40 on August 23. In the current session, the stock hit an intra day high of Rs 1568 against the previous close of Rs 1504.15 on NSE. The stock is not listed on BSE.
In six months, the stock has risen 79.66% and gained 65.76% this year. Total 56.63 lakh shares of the firm changed hands amounting to a turnover of Rs 863.07 crore. The stock has a beta of 1, indicating average volatility in a year. Market cap of the firm rose to Rs 31,535 crore.
In terms of technicals, the relative strength index (RSI) of CDSL stands at 67.3, signaling it's trading neither in the overbought nor in the oversold territory.
Kushal Gandhi, Technical Analyst, StoxBox has assigned a price target of Rs 1665 to the CDSL stock.
"The price action of CDSL has been showing strength and momentum in its uptrend, along with high EPS and price strength, indicating strong demand from buyers. However, the stock has risen nearly 10% from the September lows and is now attempting to pull back after a profit booking rally. As a result, the stock is slightly extended, so it is recommended to initiate a fresh position with careful risk management. We suggest buying CDSL in the range of Rs 1485-1455 for a trading opportunity with a target price of Rs 1,665 and maintaining a protective stop loss at Rs 1427," said Gandhi.
Gaurav Bissa, VP, InCred Equities said, "CDSL was trading in a consolidation phase from 2021, which ultimately witnessed a breakout in 2023 pushing the prices towards Rs 1000 levels. Since then, it has been in a consistent formation of higher highs and higher lows on the daily charts which is a characteristic of a strong uptrend. It can test Rs 1650 levels as long as it sustains above Rs 1380 levels. A move below Rs 1380 will result in formation of lower high and lower low which will signal start of a short term downtrend."
AR Ramachandran, an independent SEBI registered analyst said, "CDSL stock price is bearish on the Daily charts with strong resistance at Rs 1615. A daily close below the support of Rs 1461 could lead to a fall till Rs 1345 in the near term."
CDSL clocked a 82% rise in net profit for the quarter ended June 2024. Profit climbed to Rs 134.20 crore in the June 2024 quarter compared to Rs 73.57 crore profit in the corresponding quarter of the previous year. Revenue in Q1 rose 72% to Rs 257.38 crore from Rs 149.68 crore in the same quarter last year.
Central Depository Services (India) is a Depository registered with SEBI. CDSL was set up with the objective of providing convenient dependable and secure depository at affordable cost to all market participants.