BSE, 5Paisa, Angel ONE: Trade setup on broking stocks; key levels to track

The market regulator Sebi has proposed measures to curb excessive speculation in F&O; a move that could impact trading volumes, believe analysts; Here are key levels to watch on broking related stocks

Shares of market intermediaries and broking firms are likely to be in focus following Sebi's proposal to curb excessive trading in futures & options through various measures announced.

Sebi has proposed seven key changes which include - an increase in contract size, collection of higher margin and limiting one benchmark index for weekly expiry per exchange.

Overseas brokerage firm Jefferies believes that exchanges and retail-focused brokers are most likely to be impacted by the Sebi proposed measures. 

On possible removal of Bankex weekly contract, Jefferies said BSE's EPS (Earnings Per Share) could be impacted by 7-9 per cent over FY25-27E.

Against this background, here's how BSE and select broking stocks look on the charts:

BSE

Current Price: Rs 2,580

Upside Potential: 20.2%

Support: Rs 2,375

Resistance: Rs 2,575; Rs 2,659

BSE stock had recently dipped below its 200-DMA (Daily Moving Average). The stock, thereafter, has staged a smart pullback and has gained 22 per cent from its low of Rs 2,115 hit on July 23, 2024.

With today's 8 per cent rally, BSE is seen testing resistance around its 100-DMA at Rs 2,575. The key momentum oscillators on the daily chart seem favourable; however, the same are indicating a mixed bias on the weekly scale.

As such, the 20-WMA (Weekly Moving Average) at Rs 2,639 becomes a crucial hurdle. The stock will need to cross and sustain above this level on a consistent basis for the overall mood to turn favourable at the counter. Above its 20-WMA, the stock can potentially rally to Rs 3,100 levels on the upside.

For now, the 20-DMA which coincides with the 200-DMA at Rs 2,375 remains the key support for the stock. CLICK HERE FOR THE CHART

Angel ONE

Current Price: Rs 2,211

Upside Potential: 16.7%

Support: Rs 2,130; Rs 2,040

Resistance: Rs 2,215; Rs 2,330

Angel ONE stock has underperformed and declined as much as 37 per cent so far in 2024. In the last two months, the stock seems to be seeking support around its 20-MMA (Monthly Moving Average), which stands at Rs 2,130. Similarly, on the weekly front, the stock has been seeking support around its 100-WMA at Rs 2,040 levels.

As long as these two supports are protected on a closing basis, Angel ONE stock could witness some pullback from current levels. CLICK HERE FOR THE CHART

For now, immediate resistance for the stock is seen at its 20-DMA at Rs 2,215 followed by the super trend line resistance at Rs 2,330. Break and sustained trade above the same, can potentially trigger a rally towards the 100-DMA at Rs 2,580 levels; the same coincides with the 20-WMA.

5Paisa

Current Price: Rs 491

Downside Risk: 13.4%

Support: Rs 465

Resistance: Rs 509; Rs 519; Rs 527

The price-to-moving averages action on the 5Paisa chart hints at a negative bias, as the stock is trading below most of its key moving averages. At present, the stock is seen testing resistance at its 20-DMA at Rs 490; above which next hurdles for the stock lies at Rs 509, Rs 519 and Rs 527 - the 50-, 100- and 200-DMAs. CLICK HERE FOR THE CHART

On the downside, the stock seems on course to test the support around its 20-MMA support, which stands at Rs 440; below which it can dip to Rs 425 levels. Near support for the stock can be expected around Rs 465. 

Nuvama Wealth Management

Current Price: Rs 6,313

Upside Potential: 14%

Support: Rs 6,200; Rs 5,800

Resistance: Rs 6,660; Rs 6,860

Nuvama Wealth Management stock has rallied 37 per cent in the last seven trading sessions. The stock has consistently sustained above the higher-end of the Bollinger Bands on the daily scale. Chart suggests that the near-term bias for the stock is likely to remain bullish as long as the stock holds above Rs 6,200 levels. CLICK HERE FOR THE CHART

The overall trend is likely to remain positive as long as the stock sustains above Rs 5,800 levels. On the upside, the stock can potentially rally to Rs 7,200 levels, with interim resistance expected around Rs 6,660 and Rs 6,860 levels. 

Edelweiss Financial Services

Current Price: Rs 69.70

Upside Potential: 

Support: Rs 

Resistance: Rs 

Edelweiss Financial Services has surged 19 per cent in the last seven trading sessions. At present, the stock is seen testing resistance around its 100-DMA, which coincides with the 200-DMA at Rs 71.20. CLICK HERE FOR THE CHART

The stock will need to break and trade consistently above this hurdle for the up move to continue. On the higher side, the stock can potentially rally to Rs 83 levels. Interim resistance can be expected around Rs 75.50.

On the other hand, in case of a dip the stock can seek support around its 20-DMA at Rs 65 levels.