Angel Broking hits record high; surges 14% in four days

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Angel Broking gained 3.31% to Rs 1070.35, rising for the fourth consecutive trading session. Shares of the company have rallied nearly 14.54% in four trading sessions from its previous closing low of Rs 929.30 on 8 July 2021. The counter hit a record high of Rs 1,092.70 in intraday today. The stock has soared 377% from its 52-week low of Rs 223 hit on 21 October 2020. In last one month, Angel Broking has jumped nearly 25% compared with 0.33% rise in Nifty 50 index.

On the technical front, the stock’s RSI (relative strength index) stood at 84.053. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 795.16 and 560.70 respectively. These levels will act as crucial support zones in near term.

Shares of Angel Broking are in demand after the firm reported strong business update for the month of June 2021 on 5 July. The company’s client base jumped 145.4% year on year to 5.29 million clients in June 2021 over June 2020. On a sequential basis, client base grew by 9.3% last month from 4.84 million clients in May 2021. Gross client acquisition stood at 0.46 million in June 2021, up 221% over 0.14 million in June 2020. On a sequential basis, gross client acquisition grew 8.2% in June 2021 over May 2021.

Angel Broking is one of the largest retail broking houses in India in terms of active clients on NSE. Its a technology-led financial services company providing broking and advisory services, margin funding, loans against shares and financial products distribution to clients.

The company’s consolidated net profit surged 229.9% to Rs 101.91 crore in Q4 FY21 from Rs 30.89 crore in Q4 FY20. Total income during the quarter increased 109.8% to Rs 418.86 crore from Rs 199.63 crore reported in the same period last year.

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