NSDL shares slips over 20% from peak; analysts flag bearish bias
NSDL: The stock has corrected 20.56 per cent from its record high of Rs 1,425, hit on August 11 shortly after its market debut on August 6.
- Nov 27, 2025,
- Updated Nov 27, 2025 1:16 PM IST
Shares of National Securities Depository Ltd (NSDL) were trading almost unchanged in Thursday's session, slipping 0.01 per cent to Rs 1,132. At this level, the stock has corrected 20.56 per cent from its record high of Rs 1,425, hit on August 11 shortly after its market debut on August 6.
Analysts broadly highlighted a bearish to sideways structure for NSDL, with a cluster of support levels between Rs 1,040 and Rs 1,060, and a resistance zone stretching from Rs 1,150 to Rs 1,200. Market experts cautioned that a sustained break below Rs 1,100 could accelerate downside momentum, whereas a firm move above Rs 1,150–1,180 may lead to an attempted recovery towards Rs 1,175–1,200.
Drumil Vithlani, Technical Analyst at Bonanza, said the stock continues to trade in a negative-to-sideways phase, reflecting the absence of conviction among buyers. He noted that NSDL remains below its 20- and 50-day exponential moving averages, underscoring a short-term bearish undertone. According to him, Rs 1,040 acts as a key support, while Rs 1,180 serves as a critical resistance. Vithlani added that momentum indicators point to neutral-to-weak sentiment, suggesting that the stock may remain range-bound unless it decisively reclaims the upper band of resistance.
Echoing similar views, Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, cited support around Rs 1,060 and resistance between Rs 1,185 and Rs 1,200.
AR Ramachandran, Sebi-registered Independent Research Analyst, said NSDL appears bearish on daily charts, with notable resistance at Rs 1,152. He warned that a daily close below Rs 1,100 could drag the stock towards Rs 1,037 in the near term.
Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, pegged support at Rs 1,060 and resistance at Rs 1,150. According to him, a breakout above Rs 1,150 could unlock upside potential towards Rs 1,175, while the broader short-term range may remain confined between Rs 1,060 and Rs 1,175.
On the fundamentals front, NSDL reported a 15 per cent year-on-year (YoY) rise in consolidated net profit for the September-ended quarter (Q2 FY26), posting Rs 110 crore against Rs 96 crore a year earlier. Revenue from operations grew 12 per cent to Rs 400 crore, compared with Rs 357 crore in the corresponding quarter last year.
EBITDA for the quarter stood at Rs 15 crore, up 12 per cent YoY and 22 per cent sequentially, with an EBITDA margin of 36.7 per cent. The company's consolidated net worth as of September 30, 2025, was Rs 2,166.6 crore.
Shares of National Securities Depository Ltd (NSDL) were trading almost unchanged in Thursday's session, slipping 0.01 per cent to Rs 1,132. At this level, the stock has corrected 20.56 per cent from its record high of Rs 1,425, hit on August 11 shortly after its market debut on August 6.
Analysts broadly highlighted a bearish to sideways structure for NSDL, with a cluster of support levels between Rs 1,040 and Rs 1,060, and a resistance zone stretching from Rs 1,150 to Rs 1,200. Market experts cautioned that a sustained break below Rs 1,100 could accelerate downside momentum, whereas a firm move above Rs 1,150–1,180 may lead to an attempted recovery towards Rs 1,175–1,200.
Drumil Vithlani, Technical Analyst at Bonanza, said the stock continues to trade in a negative-to-sideways phase, reflecting the absence of conviction among buyers. He noted that NSDL remains below its 20- and 50-day exponential moving averages, underscoring a short-term bearish undertone. According to him, Rs 1,040 acts as a key support, while Rs 1,180 serves as a critical resistance. Vithlani added that momentum indicators point to neutral-to-weak sentiment, suggesting that the stock may remain range-bound unless it decisively reclaims the upper band of resistance.
Echoing similar views, Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, cited support around Rs 1,060 and resistance between Rs 1,185 and Rs 1,200.
AR Ramachandran, Sebi-registered Independent Research Analyst, said NSDL appears bearish on daily charts, with notable resistance at Rs 1,152. He warned that a daily close below Rs 1,100 could drag the stock towards Rs 1,037 in the near term.
Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, pegged support at Rs 1,060 and resistance at Rs 1,150. According to him, a breakout above Rs 1,150 could unlock upside potential towards Rs 1,175, while the broader short-term range may remain confined between Rs 1,060 and Rs 1,175.
On the fundamentals front, NSDL reported a 15 per cent year-on-year (YoY) rise in consolidated net profit for the September-ended quarter (Q2 FY26), posting Rs 110 crore against Rs 96 crore a year earlier. Revenue from operations grew 12 per cent to Rs 400 crore, compared with Rs 357 crore in the corresponding quarter last year.
EBITDA for the quarter stood at Rs 15 crore, up 12 per cent YoY and 22 per cent sequentially, with an EBITDA margin of 36.7 per cent. The company's consolidated net worth as of September 30, 2025, was Rs 2,166.6 crore.