CDSL Shares Jump Over 16% In 5 Days After Ambit Gives 'Buy' Recommendation

Central Depository Services shares jump close to 5 per cent on Monday morning. In the last one week the shares of CDSL have seen a jump of 16.26 per cent after Ambit gave the stock a buy rating on Tuesday last week.

The share opened at Rs 1,308 on Monday to fall at Rs 1,327.85 and then surge ahead to Rs 1,353.10 with a jump of 5.56 per cent.

In the last five days since the update of the buy recommendation the shares saw a jump of 16.99 per cent.

CDSL last week saw a breakout from its horizontal resistance trendline and saw a jump of 6.6 per cent to Rs 1,282. It indicated a robust bullish candlestick pattern on the daily timeframe.

CDSL stocks have recaptured its 20 and 50-day SMA and has shown a sharp positive bias. Even the daily, weekly and monthly RSI were in the positive terrain.

Whereas in the last month the shares of CDSL have seen a growth of 13.40 per cent.

The shares were trading higher last week as financial advisory firm Ambit initiated coverage on the stock with a 'buy' rating. Ambit called CDSL the best play on 'equitisation' and gave a target price of Rs 1,400 which indicated close to 22 per cent jump in the stock price.

Ambit also added that CDSL is one of the only two central securities depositories in India and has a market of Rs 900 crore. It expects the share of CDSL to grow to Rs 2,000 crore by financial year 2030.