Angel One, 5Paisa: Most brokerages' shares look weak amid market volatility

According to analysts, the stock broking industry is expected to see tepid growth in fiscal year 2022-23 (FY23) amid market volatility

Shares of broking firm were in limelight on Monday with those of Angel Broking witnessing an up move of over 6 per cent, while 5Paisa Capital and Arihant Capital Markets were trading with 3 per cent gains in intra-day deals. 

According to analysts, the stock broking industry is expected to see tepid growth in fiscal year 2022-23 (FY23) even though the outlook is stable. Rising market volatility and weakness in stock prices are among the key headwinds faced by the sector. READ MORE
 

Let's look at technical charts to review whether this up move is short term or shows turnaround scenario:

Angel One Ltd (ANGELBRKG)

Outlook: Needs to conquer 200-DMA

Shares of Angel Broking have tumbled close to 40 per cent post hitting their all-time high of Rs 1,986.50 in April 2022. The stock has breached 200-day moving average (DMA), placed at Rs 1,263.70 levels, which suggests a bearish signal. The Relative Strength Index (RSI) had fallen below the oversold territory, but has managed to move above the bearish sell-off. Going forward, if the stock conquers 200-DMA, one cannot neglect further up move.CLICK HERE FOR THE CHART

5Paisa Capital Ltd (5PAISA)

Outlook: 200-WMA becomes crucial support

The 200-weekly moving average (WMA), located at Rs 269.20 levels, has become the support for 5Paisa Capital's stock. The overall formation shows "Falling channel" pattern. If the 200-DMA gets violated, the stock may see further decline, entering a bear phase. CLICK HERE FOR THE CHART

ICICI Securities Ltd (ISEC)

Outlook: Needs to hold 200-WMA

Shares of ICICI Securities are holding the 200-WMA support, placed at Rs 421.50 levels. As long as they succeed in holding this support, the trend could see some revival. The broad outlook remains weak and unless the stock shows some stability and strength, the trend could remain sluggish. CLICK HERE FOR THE CHART

Arihant Capital Markets Ltd (ARIHANTCAP)

Outlook: Support is at 70

Shares of Arihant Capital Market have not had any major impact of the recent decline in benchmark indices. The stock trades 15 per cent lower from historic peak of Rs 95.80, and has not seen any aggressive sell-off. Moreover, it didn't violate the crucial 200-DMA level, placed at Rs 56.70. As of now, until the counter holds the crucial support of 70, the upside bias could see a rally towards the all-time high level. CLICK HERE FOR THE CHART

Emkay Global Financial Services Limited (EMKAY)

Outlook: Momentum is weak 

After witnessing robust selling pressure over Rs 140 levels, the shares of Emkay Global Financial Services breached 200-WMA, placed at Rs 81.20 levels. This down move has pushed the Moving Average Convergence Divergence (MACD) under the zero line with momentum signalling more weakness. The next support comes to Rs 60 levels. CLICK HERE FOR THE CHART