CDSL shares rise after 11 days, reclaim Rs 1,400 mark; here's what analysts say 

CDSL share price today: Shares of Central Depository Services (India) Ltd (CDSL) snapped 11 days of losing streak on Wednesday amid high volatility in the broader market. The stock, which closed at Rs 1,538.65 on September 20, 2024 ended at Rs 1362 in the previous session, falling 11.5% during the period on NSE. The stock is not listed on BSE. 

However, the CDSL stock reclaimed the Rs 1,400 mark in the current session. It rose 8.5% to Rs 1477.80 in the afternoon session today. Market cap of CDSL rose to Rs 30,541 crore. 

In six months, the stock has risen 56.35% this year and gained 123% in a year. Total 84.10 lakh shares of CDSL changed hands amounting to a turnover of Rs 1213.23 crore. The stock has a beta of 1, indicating average volatility in a year. 

In terms of technicals, the relative strength index (RSI) of CDSL stands at 38.7, signaling it's trading neither in the overbought nor in the oversold territory. 

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

At today's level, the stock is up 131% from 52 weeek low of Rs 631 reached on October 26, 2023. 

The CDSL board announced its first ever bonus issue of shares in July this year. 

On August 23, the CDSL stock price turned ex-bonus in a ratio of 1:1. After the stock turned ex-bonus, the CDSL stock rose to its record high of Rs 1664.40. 

Ameya Ranadive CMT CFTe, Sr Technical Analyst, StoxBox said, "CDSL (Central Depository Services Ltd.) is currently trading at Rs 1,466, showing resilience amidst a sideways consolidation phase between Rs 1,585 and Rs 1,430. The stock recently experienced 11 consecutive down days after a strong rally, but has since entered a healthy time-based consolidation. On the technical front, CDSL is holding well above its key moving averages, signaling continued strength. The Average Directional Index (ADX) sits at 23, confirming a steady trend, while the Relative Strength Index (RSI) has moderated to 58, suggesting the stock is not overbought and could have room for further upward movement. If CDSL can maintain its current support levels and break above Rs 1,585, immediate targets of Rs 1,650 and Rs 1,800 could be achievable. However, traders should stay cautious as a drop below Rs 1,330 would negate the bullish outlook, potentially leading to further downside pressure."

Osho Krishan, Senior Analyst - Technical & Derivatives, Angel One said, "CDSL is into a broader time-wise corrective phase after the strong spurt we witnessed in the year. The technical indicators have moderated from overbought levels, and the price action is showing a predominantly sideways movement with a positive undertone. The counter has strong support near the Rs 1350- Rs 1300 zone, coinciding with the lower band of the broader consolidation phase. On the higher end, Rs 1540- Rs 1570 remains the intermediate resistance, and a decisive breakthrough is likely to trigger the next leg of the rally in the counter."

Jigar S Patel, Manager at Anand Rathi said, "Support will be Rs 1420 and resistance Rs 1478. A decisive close above the Rs 1478 level may trigger a further upside to Rs 1525. The expected trading range will be between Rs 1400 and Rs 1525 for the short-term."

"CDSL presents a good buying opportunity. Rs 1,348 would be the near-term support level. Once we see the stock moving above Rs 1,430, this would get in a trend,"  Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher, told Business Today TV.

Sebi-registered research analyst AR Ramachandran said CDSL stock price is bearish on daily charts. "Strong resistance will be at Rs 1,428. A daily close below support of Rs 1,348 could lead to a downward target of Rs 1,254 in the near term," he stated.

CDSL reported 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.