Angel One, Motilal: What do charts suggest for brokerage shares in 2024?

Angel One, Edelweiss Financial Services, Motilal Oswal Financial Services and IIFL Securities can potentially rally up to 24 per cent in 2024, suggest charts.

Brokerages are brimming with confidence on hopes of a higher growth trajectory in the year 2024, given the upbeat mood in the market and rising retail participations.

India has witnessed a phenomenal rise in investor participation, especially from the youth of the country. As of September 2023, the number of demat accounts in India surged to 12.97 crore, marking a 26 per cent year-on-year increase. 

People are getting more and more interested in investing because they see the potential to make money in the stock market, especially with all the new companies going public, and ensuing bumper listing coupled with the lure of quick bucks in futures & options trading.

To add to all this, equity markets have rallied smartly from the lows in March 2023, thus generating exciting returns in the short-span of time. For the records, the S&P BSE Sensex has rallied as much as 26 per cent from the March low of 57,085.

Against this backdrop, here's how select shares of brokerage look placed on the charts.

Angel One

Current Price: Rs 3,250

Upside Potential: 23%

Support: Rs 3,085; Rs 2,850

The stock has witnessed a 3-fold rally from its February close of Rs 1,016 to a high of Rs 3,385 this December. The long-term chart suggests that the bias for the stock is likely to remain positive as long as the stock trades above Rs 2,850. In the interim, the stock is expected to seek support around Rs 3,085.

As and when the stock resumes the up move, the stock can potentially target Rs 3,600, above which a rally past Rs 4,000 seems likely. CLICK HERE FOR THE CHART

Motilal Oswal Financial Services

Current Price: Rs 1,270

Upside Potential: 14%

Support: Rs 1,160

Shares of Motilal Oswal have more-than-doubled in the last eight months, and are seen trading on a buoyant note on multiple time-frames. The stock is likely to trade with a positive bias as long as it holds above Rs 1,160, with near support seen at Rs 1,200. On the upside, the stock can potential rally to 1,450 levels. CLICK HERE FOR THE CHART

Edelweiss Financial Services

Current Price: Rs 86.35

Upside Potential: 23%

Support: Rs 83; Rs 75.5

The key pivot point for Edelweiss Financial Services stands at Rs 75.50 suggests the long-term chart. As long as the stock holds this level, it may target Rs 99 - Rs 106 on the upside. On the other hand, the stock has near support at Rs 83, followed by Rs 75.50, below which it can dip to Rs 68. CLICK HERE FOR THE CHART

IIFL Securities

Current Price: Rs 140.65

Upside Potential: 24%

Support: Rs 118

IIFL Securities has zoomed nearly 200 per cent so far this financial year, with bulk of the gains coming in the last five months. The overall bias for the stock is likely to remain upbeat as long as it trades above Rs 118.

On the upside, the current up move could lead the stock towards Rs 164 - Rs 175 in the next few months. CLICK HERE FOR THE CHART