Angel One, Emkay Global: Brokerage stocks may rally up to 15%, show charts

Trend of brokerage firms appear attractive on technical charts, progressive uptrend to continue.

Shares of ICICI Securities will be in limelight ahead of the board meeting on Thursday over the delisting of the company’s shares from stock exchanges. So far, the stock has rallied 22 per cent in last four sessions hitting a new 52-week high.  

On Tuesday, competitive brokerage companies like Angel Broking and Geojit Financial Services soared over 2 per cent each, while Motilal Oswal Financial Services and Emkay Global Financial Services traded sideways. ICICI Securities’ shares saw profit booking with a cut of 2 per cent.

Here’s the technical outlook for brokerage stocks amid proposal of delisting ICICI Securities:-

Motilal Oswal Financial Services Limited (MOTILALOFS)

Likely target: Rs 750

Upside potential: 10%

This is the first time shares of Motilal Oswal Financial Services have risen over the 200-day moving average (DMA) post May 2022, indicating a positive bias. The stock may easily climb to Rs 750, holding the 200-DMA set at Rs 670, as a support mark.

Only a decisive breach of Rs 650, the optimistic bias may negate the upward sentiment. Until that happens, the trend to see more bullish trades.  CLICK HERE FOR THE CHART

Angel One Ltd (ANGELONE)

Likely target: Rs 1,850

Upside potential: 10%

The stock is on the verge of forming a “Golden Cross”, and if manages to sustain over Rs 1,660 could lead to a breakout in the direction of Rs 1,900-level. The support for the current trend exists at Rs 1,500-mark.

The strength indicator, Relative Strength Index (RSI), continues to see bullish momentum in its overbought territory, implying a favourable bias for future sessions. CLICK HERE FOR THE CHART

ICICI Securities Ltd (ISEC)

Likely target: Rs 700

Upside potential: 7%

Shares of ICICI Securities reached a new 52-week high recently, suggesting fresh upside in the coming days.  Now, the stock must hold upward momentum over Rs 580 to maintain the underlying strength. A breakout over Rs 650 might send the stock price in the direction of Rs 700-level.

The medium-term support falls at Rs 500, which is its 200-day moving average (DMA). The range of Rs 540 to Rs 520 functions as an accumulation range, as per the daily chart. CLICK HERE FOR THE CHART

Geojit Financial Services Ltd (GEOJITFSL)

Likely target: Rs 55

Upside potential: 15%

Shares of Geojit Financial Services have broken out of the 200-DMA set at Rs 45.80 post February 2022, on strong volumes. This move may extend in the direction of Rs 55.

More addition of longs could emerge over the immediate hurdle of Rs 49, as per the daily chart. The Moving Average Convergence Divergence (MACD) is progressively rising upward, suggesting that the momentum to remain in favour of bulls. CLICK HERE FOR THE CHART

Emkay Global Financial Services Ltd (EMKAY)

Outlook: Hovering around 200-DMA

Shares of Emkay Global Financial Services are hovering near the 200-DMA placed at Rs 74.30-mark. The counter must demonstrate a robust hold over the same average to shows upside momentum. A closing basis support could be considered as Rs 70.40, its 100-DMA.

The present trend is fragile, and until the stock observes a volume base breakout over Rs 80, it needs to retain the 200-DMA support. CLICK HERE FOR THE CHART