CDSL shares rise for second straight session, gearing up for higher price targets? 

CDSL share price today: Shares of Central Depository Services (India) Ltd (CDSL) are likely to cross the Rs 1500 level in the short term. The depositories stock ended higher for the second straight session on Thursday. Earlier, it had fallen for 11 consecutive days. With the stock ending above the Rs 1480 mark in the current session, it is likely to reach a price target of Rs 1,525, said an analyst at Anand Rathi.

On Wednesday, Jigar S Patel,senior manager of equity research 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."

The stock ended 1.10% higher at Rs 1488 today. Market cap of CDSL rose to Rs 31,099 crore. 

In six months, the stock has risen 58.14% and gained 125% in a year. Total 43.88 lakh shares of CDSL changed hands amounting to a turnover of Rs 652.33 crore. The stock has a beta of 0.9, indicating average volatility in a year. 

In terms of technicals, the relative strength index (RSI) of CDSL stands at 57.2, 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. 

Other analysts were also bullish on prospects of the stock. Ameya Ranadive CMT CFTe, Sr Technical Analyst, StoxBox said, "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."

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.