$ANGELONE

$ANGELONE Angel One is increasingly becoming more than just a discount broker. The company has: ~38.6 million clients ₹6,140 Cr client funding book ₹13,440 Cr wealth AUM ~₹1.7 lakh Cr AUC 406 million orders during Q1 The growth in the wealth business is particularly interesting because it can help Angel One diversify its revenue beyond traditional broking. 3. Biggest Risk — F&O Dependence This is the most important risk investors should understand. A significant part of Angel One's earnings is connected to: Trading activity → Orders → Brokerage/fees → Revenue → Profit Therefore, any major decline in retail trading activity or F&O volumes can impact earnings. Regulatory changes affecting derivatives trading are another important risk. So I would not look at the 102% PAT growth in isolation. 4. Technical View The key zones I would monitor are: ₹300–305: Important support zone ₹320–330: Immediate resistance zone ₹350+: Stronger breakout territory Bullish Scenario If Angel One crosses ₹320–330 with strong volume and sustains above it, the technical setup can improve considerably. A move above ₹350 would provide a stronger confirmation of momentum. Bearish Scenario If ₹300 breaks decisively and the stock sustains below it, fresh buying should be approached cautiously.