IIFL, Geojit: Brokerage stocks tank up to 40% in 2 mths; Time for pullback?

A retracement of up to 50 per cent of the recent fall, can lead up to 18% rally in shares of IIFL Securities, Geojit and Emkay, show technical charts.

Shares of brokerage firms have witnessed a sharp sell-off in the last two months, having declined up to 40 per cent, even as the benchmark indices gained 2 per cent. 

Will the beaten down stocks witness some pullback or is more pain in store?

Here’s what the charts suggest.

IIFL Securities

Current Price: Rs 114

Upside Potential: 18.4%

Support: Rs 108; Rs 104

The share price of IIFL Securities has witnessed a steep 40 per cent fall in the last two months, from its high of Rs 180 levels. Prior to that, the stock had surged 15 per cent in just eight months.