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The analyst sees a potential for a breakout above ₹1,480
Shares of financial services platform KFin Technologies rose 5% on Monday, driven by brokerage upgrades.
Jefferies maintained a ‘Buy’ with a target of ₹1,460, indicating 15% upside potential. They believe that KFin Technologies has the potential to become a globally relevant Registrar and Transfer Agent (RTA-FA) platform, with a 20% CAGR in profit.
Domestic brokerage firm HDFC Securities also recommended a ‘Buy’ rating on the stock, with a target of ₹1,335.
According to SEBI-registered analyst Sameer Pande, the stock is poised for a fresh breakout on the daily charts.
With the relative strength index (RSI) above 67, indicating a bullish momentum, a fresh breakout above the resistance level will signal growing strength in the stock.
He sees immediate resistance in the ₹1,440–₹1,480 zone, while key support levels are expected in the ₹1,220–₹1,200 range.
On the weekly chart, Pande noted that KFin stock indicates positive reversal patterns supported by an RSI around 60. Resistance can be seen around ₹1,360-₹1,380, while the stock could take support at around ₹1,120.
On a monthly timeframe, the stock is showing signs of a positive reversal. With RSI at around 63, the stock is showing improving momentum.
Pande pegged support near the ₹1,150 level and added that the next major resistance lies around ₹1,540. He advises a stop-loss at ₹1,200 on a closing basis.
Retail sentiment on Stocktwits turned ‘extremely bullish’ from ‘bearish’ a day earlier, amid ‘extremely high’ message volumes.
It is one of the top trending stocks on Stocktwits on Monday.
Year-to-date, the stock has shed nearly 13%.
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