BSE, CDSL: What charts indicate for stock exchange, depository stocks

The stock price of CDSL has doubled In less than three months.

Shares of stock and commodity exchanges and depositories were trading mixed in the morning trade on Friday. Shares of these companies have been in focus ever since the market regulator Securities and Exchange Board of India (Sebi) introduced new margin rules that came into effect from September 1. According to the new rules, stockbrokers will have to report the upfront margin collected and available with them from their clients – both for sell and buy trades, and failure to do so will attract a penalty. The stocks lying in the investors’ demat account, which were equivalent to margin available till now, will now be replaced with the pledging of these shares to the broker. READ MORE

Here's a look at what technical charts indicate for these stocks.

BSE Limited (BSE): As this counter conquers the resistance Rs 525 on the closing basis with a firm volume, the upside sentiment has turned highly optimistic. The overall trend suggests a move towards Rs 600 levels on an immediate scale. From a medium term perspective, till the index holds the 50-day moving average (DMA), the positive bias should stay strong. The Moving Average Convergence Divergence (MACD) is comfortably trading above the zero line, indicating that the underneath momentum will witness buying on corrective moves. CLICK HERE FOR THE CHART

 
Multi Commodity Exchange of India Limited (MCX): The current price is trading around the “Double Top” neckline at Rs 1,544 levels. If the counter is unable to reverse and results in a breakdown, then the immediate downside should see Rs 1,450 levels. Only a stable trade above Rs 1,700 might see the counter ragaining the positive sentiment. The Relative Strength Index (RSI) and MACD have made a negative crossover, suggesting a weaker trend.  CLICK HERE FOR THE CHART
 
Central Depository Services (India) Limited (CDSL): In less than three months, this stock has doubled from August-low of Rs 250 to a recent high of Rs 513.90 levels. The trend looks highly optimistic with the sentiment staying firm. Going ahead, till the support of Rs 430 is held on a closing basis, the upside bias should prevail. The RSI trades in the overbought condition, indicating profit booking. CLICK HERE FOR THE CHART