CDSL shares almost doubled investor wealth in 2024; buy, sell or hold?

CDSL share price today: Shares of Central Depository Services (India) Ltd (CDSL) have delivered 96% returns in 2024. The multibagger stock, which zoomed 1,334% in the last five years is trading near the Rs 1,800 mark today. The depository stock was trading on a flat note at Rs 1780.80 on Monday. It closed at Rs 1777.5 in the previous session on NSE.

CDSL stock is not listed on BSE. The stock hit a high of Rs 1794.80 in the current session.

Market cap of CDSL rose to Rs 37,218.72 crore. In six months, the stock has risen 46% and gained 95.58% in a year. Total 6.64 lakh shares of CDSL changed hands amounting to a turnover of Rs 118.36 crore. The stock has a beta of 1.1, indicating high volatility in a year.

In terms of technicals, the relative strength index (RSI) of CDSL stands at 48.9, signaling it's trading neither in the overbought nor in the oversold territory.

CDSL shares are trading lower than the 5 day 10 day, 20 day but higher than the 30 day, 50 day, 100 day and 200 day moving averages.

A R Ramachandran, SEBI registered Independent analyst says, "CDSL stock price is bearish on the Daily charts with strong resistance at Rs 1840. A daily close below the support of Rs 1732 could lead to a target of Rs 1600 in the near term."

Kushal Gandhi, Technical Analyst, StoxBox said, "Currently, the price action is experiencing mild profit booking, with a decline of over 11% following a series of weakening daily trading sessions. The RSI on the daily timeframe has fallen from the overbought territory to below median levels. Additionally, on the weekly timeframe, there is a negative divergence with the price action, indicating a reduction in momentum. We recommend refraining from making new purchases or averaging down at the current market price.

Jigar S Patel, senior technical manager at Anand Rathi said, "Support will be at Rs 1700 and resistance at Rs 1875. A decisive move above the Rs 1,875 level may trigger a further upside of Rs 1950. The expected trading range will be between Rs 1700 till Rs 1950 for the short-term."

CDSL reported a 49% rise in net profit for the quarter ended September 2024. Profit climbed to Rs 162 crore in the June 2024 quarter compared to Rs 108 crore profit in the corresponding quarter of the previous year. Revenue in Q2 rose 55.5% to Rs 322.3 crore from Rs 207.3 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.