Shares of One Mobikwik Systems (Mobikwik's parent) continued to surge for the second consecutive session in Wednesday's trade. The stock soared 19.12 per cent to hit a day high of Rs 355. At this price, it has ascended by 42.94 per cent in just a couple of trading days. The sharp two-day spike came after its anchor lock-in expiry on Monday (March 17).
Anchor investors face a 30-day lock-in period for 50 per cent of their allotted shares before the initial public offering (IPO). The remaining 50 per cent is locked in for 90 days. This restriction aims to stabilise the stock price and promote long-term confidence in the market. Mobikwik got listed at bourses on December 18 last year.
Bourses BSE and NSE have put the securities of Mobikwik under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
Support on the counter could be seen in the Rs 320-300 range for the near term. A decisive move above the Rs 365-400 range is required for more upside.
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi, said, "Support will be at Rs 320 and resistance at Rs 365. A decisive move above Rs 365 level may trigger a further upside towards Rs 400. The expected trading range will be between Rs 320 and Rs 400 in the short term."
Ameya Ranadive, Chartered Market Technician, CFTe, Sr Technical Analyst at StoxBox, said, "MobiKwik has staged a significant breakout after a prolonged downtrend, shedding nearly 65 per cent from its all-time high. Supported by a notable surge in trading volumes over the last two sessions, the breakout suggests renewed investor interest. If the momentum sustains, the stock could see an upside toward Rs 420–465 in the medium term. The increasing volumes add conviction to this breakout, signaling potential accumulation by market participants. However, a decisive drop below Rs 300 would negate this positive outlook, warranting caution."
Investors should closely monitor price action and volume trends to confirm sustained strength, Ranadive mentioned, adding that the ongoing upmove marks a shift in sentiment after months of persistent selling pressure.
Sebi-registered research analyst AR Ramachandran said, "Mobikwik's stock price is bullish on daily charts with strong support at Rs 302.6. A daily close above the resistance of Rs 358 could lead to an upside target of Rs 395 in the near term."
Mobikwik, a 15-year-old Gurugram-based fintech company, claims to be the largest digital wallet in the country. It has a 23 per cent market share of the PPI wallet gross transaction value (GTV) as of November 2024. The company's registered user base now stands at 16.7 crore with an addition of 60 lakh users in the September 2024 quarter (Q2 FY25).