BSE stock hits new high, up 140% in less than six months; what lies ahead?

The near bullish pivot for the BSE stock stands at Rs 5,990, while the long-term bias is likely to remain positive as long as Rs 5,555 is held; shows technical chart.

BSE stock has witnessed a phenomenal 140 per cent rally on the bourses since the end of July 2024. The stock from levels of Rs 2,556 has soared to hit a new high of Rs 6,133 on Monday. Over the last four years, BSE has zoomed almost 3,200 per cent or grown 33-fold from levels of Rs 185.  As of 12.20 PM, BSE stock had pared gains and slipped into red, down 09 per cent at Rs 5,945, in intra-day deals on Monday. The counter had seen trades of around 900,000 shares on the NSE, and its market cap stood around Rs 80,600 crore.  BSE has scheduled its board meeting on February 06, to consider and approve the quarterly results for the quarter ended December 2024.  The recent Sebi curbs on trading in futures & options have impacted volumes for both the stock exchanges - BSE and NSE from November onwards. BSE has around 29 per cent of the notional options turnover (December 2024); and despite the lower volumes BSE saw improvement in premium average daily turnover or ADTO (9 per cent absolute growth in December). READ ANALYSIS  Given this background, can BSE stock extend the rally or will it witness profit-taking going ahead? Here's what the technical chart suggests.  BSE  Current Price: Rs 5,945  Upside Potential: 14.4%  Downside Risk: 19.3%  Support: Rs 5,555; Rs 5,325  Resistance: Rs 6,145; Rs 6,245; Rs 6,400; Rs 6,650  Technically, BSE stock is seen trading with a bullish bias, holding net gains for the sixth straight month, on the long-term chart. The overall bias is likely to remain upbeat as long as the stock holds above Rs 5,555 levels. On the upside, the stock can potentially surge to Rs 6,800 levels, with interim resistance anticipated around Rs 6,145, Rs 6,245, Rs 6,400 and Rs 6,650 levels.  The daily chart shows that the bullish pivot for BSE stands at Rs 5,990; break and sustained trade below the same shall weigh on the stock.  On the flip side, in case, BSE stock violates the key downside support it can enter a phase of consolidation, with near support seen at Rs 5,325; below which a test of Rs 4,800 levels seems likely. CLICK HERE FOR THE CHART