BSE, CDSL, MCX: Exchange-related shares poised for 14% upside, charts show

BSE stock is decisively claiming new all-time high; CDSL broke out of Double-Bottom formation, while IEX has witnessed an Inverse head and shoulder breakout.

Indian benchmark indices opened on a negative note on Friday, but soon recovered losses as investors cheered the BJP victory in 4 out of 5 states in the recently concluded assembly elections.

The BSE Sensex was quoted at 55,650, gaining 186 points or 0.35 per cent, while Nifty 50 was up 40 points or 0.25 per cent at 16,635, as of 10.20 am. Both indices opened nearly 0.50 per cent lower in the morning.

Shares of BSE Ltd, listed on the NSE, have been in limelight of late India's oldest stock exchange has proposed a 2:1 bonus issue. The record date for the same is March 22, 2022. The stock today surged nearly 9 per cent in intraday deals. READ MORE

Meanwhile, shares of other exchange related companies such as Central Depository Services (India) Ltd (CDSL) and Multi Commodity Exchange of India Ltd (MCX) surged over 4 per cent each.

Here's a quick chart check on these stocks:
 
BSE Ltd (BSE)
Likely target: Rs 3,000 and Rs 3,200
Upside potential: 7.50% to 14%

Shares of BSE continue to claim new all-time highs in the last two trading sessions. The stock on Friday touched a high of Rs 2,848 level so far in the day. The medium-term outlook has turned bullish for the stock, as it sustains above the crucial mark of Rs 2,400 level, signals the weekly chart. In addition, the Moving Average Convergence Divergence (MACD) ascended above the zero line suggesting that momentum shall stay in favour of the bulls. The shares are heading towards the next sentimental hurdle of Rs 3,000 and Rs 3,200 levels.  CLICK HERE FOR THE CHART

Central Depository Services (India) Ltd (CDSL)
Likely target: Rs 1,650 and Rs 1,750
Upside potential: 6.50% to 13%

Looking at the daily chart, the stock has firmly held the support of the 200-day moving average (DMA). The formation also resembles the “Double Bottom” and a breakout, which has been accompanied by a strong gap-up. The present stock price trades well above the 50-DMA and 100-DMA resistance, placed at Rs 1,491 and Rs 1,479 levels, respectively. Now, as the stock covers the gap down-range of Rs 1,552 to Rs 1,538 levels, the strength and momentum reveals a positive upside towards Rs 1,650 and Rs 1,750 levels. CLICK HERE FOR THE CHART

 
Multi Commodity Exchange of India Ltd (MCX)
Likely target: Rs 1,470 and Rs 1,550
Upside potential:  4% to 10%

MCX shares held the support of Rs 1,208 level, which is its 200-weekly moving average (WMA). On the daily chart, the stock broke out of the trendline resistance at Rs 1.370. Now, every up move above the Rs 1,400 level, its imminent resistance could revive the next rally. The next hurdle falls at Rs 1,470 and Rs 1,550 levels. Support for the stock exists at Rs 1,350 level. CLICK HERE FOR THE CHART
 
Indian Energy Exchange Ltd (IEX)
Likely target: Rs 260

Upside potential: 14%

A perfect formation of “Inverse Head and Shoulder” exhibits a bullish breakout, as per the daily chart. This up move has pulled back the Relative Strength Index (RSI) from the oversold territory. The strength and momentum seem to be in favour of the longs that could trigger an upmove towards Rs 260 level. The support for the stock stands at Rs 215. CLICK HERE FOR THE CHART