Central Depository Services Limited (CDSL) shares enjoyed a notable surge in value on the latest trading day, marking an impressive uptick of over 8 percent. As of approximately 12:50 a.m., the share price of CDSL had risen by 8.67 percent, reaching a value of Rs 1,393.45 per share. This remarkable increase follows a 'Buy' rating from Ambit and signifies a substantial upswing of over 20 percent in CDSL shares during the previous five trading sessions.
Noteworthy is the recent development where CDSL successfully breached its horizontal resistance trendline, achieving a remarkable 6.6 percent surge that elevated it to the Rs 1,282 mark. Moreover, this bullish ascent was accompanied by the formation of a robust candlestick pattern in the daily timeframe, further accentuating the positive trajectory of CDSL's stocks.
An additional positive indicator is the resurgence of CDSL's stocks above their 20-day and 50-day Simple Moving Averages (SMA), showcasing a clear bias toward positive performance. Furthermore, across various timeframes, including daily, weekly, and monthly, the Relative Strength Index (RSI) indicators have consistently maintained their position in positive territory.
Examining the performance over the past month, CDSL shares have demonstrated an impressive growth rate of over 16 percent.
Ambit has identified CDSL as an appealing investment opportunity, particularly for those with an interest in 'equitisation.' Ambit has set a target price of Rs 1,400 for CDSL shares, indicating a potential increase in the stock's value by 22 percent.
Furthermore, Ambit emphasizes that CDSL holds a unique position as 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 experience substantial expansion, potentially reaching Rs 2,000 crore by the fiscal year 2030.
(Note: The opinions, views, recommendations, and suggestions presented by experts or brokerages in this article are their own and may not necessarily align with those of the India Today Group. It is advisable to consult with a qualified broker or financial advisor before making any actual investment or trading decisions.)
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