NSDL shares surge 6%; here's what analysts have to say

Shares of National Securities Depository Ltd (NSDL) rose 5.91 per cent on Wednesday to close at Rs 1,122.95, ahead of its July–September quarter (Q2 FY26) results scheduled for November 13.

In Q1 FY26, NSDL reported a 15.16 per cent year-on-year (YoY) rise in consolidated net profit to Rs 89.62 crore, compared to Rs 77.82 crore a year earlier. However, revenue from operations declined 7.49 per cent to Rs 312.02 crore, while total expenses eased to Rs 228.03 crore.

Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, advised investors with a long-term horizon to accumulate the stock on declines, citing NSDL's strong position in India’s market infrastructure and depository business.

On the technical front, analysts observed a steady recovery from the Rs 1,040–1,050 range, with resistance seen around Rs 1,150–1,170. A sustained breakout above these levels could lead the stock towards Rs 1,175–1,216, while key support lies near Rs 1,037–1,060.

Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, noted that NSDL has rebounded from its recent lows and that a decisive move beyond Rs 1,160–1,170 may confirm a bullish bias. However, he advised maintaining a cautious approach in the interim.

Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, highlighted that the stock faces immediate resistance at Rs 1,150 and has support around Rs 1,060. A breakout above Rs 1,150 could push it towards Rs 1,175, with the short-term trading range expected between Rs 1,060 and Rs 1,175.

According to Sebi-registered analyst AR Ramachandran, NSDL's price structure remains positive on daily charts, with strong support at Rs 1,037. A daily close above Rs 1,108 may pave the way for a near-term target of Rs 1,216.

As India's first depository, NSDL stands to benefit from the country's ongoing financialisation. With demat penetration at only 15 per cent, compared to over 60 per cent in the US, the company continues to hold substantial long-term growth potential.