NSDL shares resume fall; what lies ahead as stock tests key support levels
On the earnings front, NSDL reported a 15.4 per cent year-on-year (YoY) rise in total income to Rs 198.7 crore in the December 2025 quarter (Q3 FY26), compared with Rs 172.2 crore in the corresponding quarter last year.
- Feb 11, 2026,
- Updated Feb 11, 2026 1:42 PM IST
Shares of National Securities Depository Ltd (NSDL) declined in Wednesday's trade, snapping their single-day gain seen during the previous session. The stock fell 2.64 per cent to touch a day's low of Rs 972.50, hovering near crucial support levels flagged by analysts.
On the earnings front, the depository reported a 15.4 per cent year-on-year (YoY) rise in total income to Rs 198.7 crore in the December 2025 quarter (Q3 FY26), compared with Rs 172.2 crore in the corresponding quarter last year.
Net profit after tax rose marginally by 0.5 per cent to Rs 77.9 crore in Q3 FY26 from Rs 77.5 crore in Q3 FY25. The company also reported a sharp improvement in its beneficiary owner (BO) market share.
On a quarterly basis, net BO market share increased to 14.7 per cent in Q3 FY26 from 6.9 per cent in Q3 FY25. The total number of BO accounts stood at 4.32 crore as of December 31, 2025, with 13 lakh net additions during the quarter.
Kranthi Bathini, Equity Strategist at WealthMills Securities, said, "An increase in demat accounts in January this year is a positive for NSDL. The stock has largely been under consolidation post irs listing. So, investors with a long-term term should continue to hold it and consider adding on dips."
From a technical standpoint, some analysts said support on the counter could be seen in the Rs 960-1,000 range.
Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, said, "NSDL is showcasing indications of an early-stage reversal, though confirmation remains necessary. The stock encounters substantial resistance in the Rs 1,050-1,080 range, and only a sustained breakout above this threshold is likely to reinvigorate buying interest. Until such a breakthrough occurs, it is prudent to exercise caution in dealings with this stock."
Drumil Vithlani, Technical Analyst at Bonanza, said, "NSDL is showing signs of a potential base formation near the Rs 970–1,000 support zone after a prolonged downtrend, with price stabilising around demand and RSI recovering from lower levels, indicating a possible short-term pullback bounce. Buying can be considered near Rs 1,000–1,020 with a strict stop-loss at Rs 960 below the recent swing low, while upside targets are placed at Rs 1,080 initially and Rs 1,130 thereafter. Though the move should be treated as a counter-trend trade unless the stock sustains above the falling moving averages."
According to AR Ramachandran, part-time Sebi-registered research analyst at Tips2trades, "NSDL's stock has strong support at Rs 972 level. A daily close above the resistance of Rs 1,024 could lead to an upside target of Rs 1,084 in the near term."
As India's first depository, NSDL is seen as a key beneficiary of the country’s ongoing financialisation trend, with growth in demat accounts remaining a structural tailwind.
Shares of National Securities Depository Ltd (NSDL) declined in Wednesday's trade, snapping their single-day gain seen during the previous session. The stock fell 2.64 per cent to touch a day's low of Rs 972.50, hovering near crucial support levels flagged by analysts.
On the earnings front, the depository reported a 15.4 per cent year-on-year (YoY) rise in total income to Rs 198.7 crore in the December 2025 quarter (Q3 FY26), compared with Rs 172.2 crore in the corresponding quarter last year.
Net profit after tax rose marginally by 0.5 per cent to Rs 77.9 crore in Q3 FY26 from Rs 77.5 crore in Q3 FY25. The company also reported a sharp improvement in its beneficiary owner (BO) market share.
On a quarterly basis, net BO market share increased to 14.7 per cent in Q3 FY26 from 6.9 per cent in Q3 FY25. The total number of BO accounts stood at 4.32 crore as of December 31, 2025, with 13 lakh net additions during the quarter.
Kranthi Bathini, Equity Strategist at WealthMills Securities, said, "An increase in demat accounts in January this year is a positive for NSDL. The stock has largely been under consolidation post irs listing. So, investors with a long-term term should continue to hold it and consider adding on dips."
From a technical standpoint, some analysts said support on the counter could be seen in the Rs 960-1,000 range.
Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, said, "NSDL is showcasing indications of an early-stage reversal, though confirmation remains necessary. The stock encounters substantial resistance in the Rs 1,050-1,080 range, and only a sustained breakout above this threshold is likely to reinvigorate buying interest. Until such a breakthrough occurs, it is prudent to exercise caution in dealings with this stock."
Drumil Vithlani, Technical Analyst at Bonanza, said, "NSDL is showing signs of a potential base formation near the Rs 970–1,000 support zone after a prolonged downtrend, with price stabilising around demand and RSI recovering from lower levels, indicating a possible short-term pullback bounce. Buying can be considered near Rs 1,000–1,020 with a strict stop-loss at Rs 960 below the recent swing low, while upside targets are placed at Rs 1,080 initially and Rs 1,130 thereafter. Though the move should be treated as a counter-trend trade unless the stock sustains above the falling moving averages."
According to AR Ramachandran, part-time Sebi-registered research analyst at Tips2trades, "NSDL's stock has strong support at Rs 972 level. A daily close above the resistance of Rs 1,024 could lead to an upside target of Rs 1,084 in the near term."
As India's first depository, NSDL is seen as a key beneficiary of the country’s ongoing financialisation trend, with growth in demat accounts remaining a structural tailwind.