Awfis Space Solutions share price jumps nearly 20% despite weak Sensex, Nifty 50; what should investors do now?

Awfis Space Solutions share price jumped nearly 20% on Friday, 11 September, even as the stock market came under pressure. Benchmark indices Sensex and Nifty 50 tumbled in early trade on Friday amid soaring crude oil prices and escalating tensions in West Asia.

Benchmark indices Sensex and Nifty 50 came under selling pressure in early trade on Friday, weighed down by a sharp rise in crude oil prices and escalating tensions in West Asia.

At 14:18 IST, the 30-share BSE Sensex fell 118.54 points to 74,786.39, while the 50-share Nifty 50 dropped 60 points to 23,418 . 80.

Negative global cues and continued foreign fund outflows further dampened investor sentiment, adding to the pressure on domestic equities.

Awfis Space Solutions share price today opened at ₹249.90 apiece on the BSE. The stock touched an intraday high of ₹299 per share and an intraday low of ₹244.45 per share.

What experts say on Awfis Space Solutions share price

Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said Awfis witnessed a strong pullback of nearly 16%, supported by a sharp rise in volumes. Despite the recovery, the stock continues to trade below its key moving averages on the weekly chart, indicating that the broader trend remains weak.

Shah said the falling ADX suggests a lack of strong directional momentum, while the MACD line remains below the zero line, indicating that bullish momentum is yet to gain significant strength.

The immediate resistance for the stock is placed in the ₹325– ₹330 zone. As long as Awfis trades below this zone, a sustainable trend reversal is unlikely, he added.

Rajesh Bhosale, Technical Analyst at My Advisor Alpha, said the stock has seen strong one-day traction backed by volumes, with prices rising 17% and engulfing the last 15 trading candles. The stock is now placed above key moving averages, suggesting that the move could extend further.

Bhosale identified ₹320 as the next resistance for Awfis Space Solutions, while ₹264 is seen as the immediate support level.

Awfis Space Solutions - Q1 results

Awfis Space Solutions Ltd posted a sharp improvement in its financial performance for the June quarter, with consolidated net profit more than doubling year-on-year to ₹23.93 crore, driven by stronger revenue growth amid increasing demand for flexible and managed workspace solutions.

The company had reported a consolidated net profit of ₹10.03 crore in the same quarter last year.

Revenue growth remained healthy during the quarter, with total income rising to ₹448.87 crore, compared with ₹353.04 crore in the corresponding period of the previous fiscal year, according to a regulatory filing issued on Thursday.

The company continues to expand its presence in India's flexible workspace market. Awfis currently operates 251 coworking centres across 18 cities, offering around 1.7 lakh seats across its network.

Despite the expansion, the company's overall portfolio occupancy was 76% during the quarter, underscoring steady demand for its flexible office space offerings.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.