Check This Stock Priced Under Rs 80 Before Tomorrow's Market Opens: Company's Profits Soar by 75 per cent in June Quarter!

The operating profit margin of the company is stood at 34 per cent in Q1 FY24

On Friday, the shares of IIFL Securities displayed a breakout from the downward-sloping trendline. The trendline was drawn from July 22, 2021, to August 21, 2023.

Upon observing the downward-sloping trendline, the stock encountered a hurdle nearly four times before managing to close above it. Even during the fourth touch of the trendline, the stock consolidated near the trendline before experiencing a breakout on Friday. This breakout led to a surge in the share price by 9 per cent during the intraday session.

Also, read: Stock under Rs 10 surged by 10 per cent on Friday, Only four players in the whole industry

Utilizing the Fibonacci extension technical tool, the initial target could be Rs 103, representing 50 per cent. The eventual target is projected to be around Rs 157, indicating 100 per cent.

The stock opened on Friday at Rs 73.19 and concluded the day at Rs 78.73. This represents a 7.83 per cent increase or Rs 5.72 from the previous day’s closing price of Rs 73.01 on the BSE.

The current market capitalization of the company stands at Rs 2407 crore. Its 52-week price range is Rs 79.70 (high) and Rs 48.23 (low).

Furthermore, the stock has yielded a return of 19 per cent in the past month and 40 per cent over the last six months.

Incorporated in 1996 as a broking arm of the IIFL Group, IIFL Securities Limited offers retail and institutional equities, distributes financial products, provides commodity broking and currency broking services, engages in investment banking, and offers financial planning and wealth management services to retail and institutional customers across India.

Disclaimer: This article is for informational purposes only and not investment advice.