Angel One shares: Angel One Ltd.’s stock increased by as high as 9.5% on Tuesday, marking the fourth straight day of gains. Now, in the last four trading sessions, the stock has increased by 22%.
The stock is still 33% off its all-time high of ₹3,896, which it had reached in January of this year, despite this four-day rise.
With its stock still down 25% for the year, the capital markets-related company is the sixth poorest performance on the Nifty 500 index year-to-date.
Angel One closed above its 50-Day Moving Average on Monday, according to the charts; this average has served as resistance since April of this year. The stock even exceeded its 100-Day Moving Average at ₹2,528 with Tuesday’s rise.
Its 200-Day Moving Average has now moved much higher, circling ₹2,800 in the process.
With the RSI now at 69, the market is headed into overbought territory after momentarily entering oversold area in July. A stock is considered to be overbought when the RSI level is greater than 70.
“Angel One has successfully surpassed the 2300 level and maintained its position above this range, indicating a shift in market sentiment towards a bullish outlook,” stated Jigar Patel of Anand Rathi.
The stock, he added, has broken out of a bearish trendline that has held back its upside for the previous seven to eight months. This suggests that the previous downtrend is probably ended and that a new uptrend may be on the horizon.
“In light of these elements, purchasing the stock becomes more appealing. It is therefore advised to take a long position in the ₹2500–₹2600 price range with the goal of rising to ₹3,200. A stop-loss is suggested at ₹2,225, depending on a daily closing basis, to mitigate risk,” he continued.
Among the few initial public offerings (IPOs) that saw a multibagger despite listing below the issue price is Angel One. The stock debuted on the market for ₹273, which was less than its IPO price of ₹306, and has subsequently increased by about ten times.
The capital market appears to be highly stimulating. Examining the demat addition for last month, it was nearly (almost) at an all-time high of 4.5 million. Raamdeo Agrawal of Motilal Oswal predicts that “the capital market segment will be quite significant and very high quality, asset light, given the way the market is expanding and flows.”
The losses seen by Angel One shares thus far this year mark the first time that the stock has experienced an annual decline. The company has had positive annual returns every year since it was listed, including the 166% increase in 2023.
Angel One’s shares are currently trading 11% higher at ₹2,598.
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