A solid positive breakout is seen in these stocks; do you hold them?

A solid positive breakout is seen in these stocks; do you hold them?

by 5paisa Research Team Last Updated: 2022-11-02T12:38:38+05:30

Nifty 50 began today's session cautiously ahead of the US Fed's policy decision. In this post, we have highlighted top stocks that are experiencing a solid positive breakout.

Nifty 50 began the session cautiously at 18,177.9, compared to its previous close of 18,145.4. This is attributable to the US Fed's policy decision later today. For the second day in a row, leading Wall Street indices closed in the red on Tuesday. This can be due to the unanticipated spike in US job openings for September 2022, which dampened expectations of the Fed relaxing its aggressive policy tightening in December.

In overnight trade, Nasdaq Composite dropped 0.89%, Dow Jones fell 0.24%, and S&P 500 declined 0.4%. Following Wall Street's trend, Asian markets too started on a cautious tone due to expectations that the US Fed will slow with a 50 basis point rate hike in the future, with investors focusing on the policy decision.

Nifty 50 was trading at 18,097.2 at 11:55 a.m, down 48.2 points or 0.27%. Broader market indices outpaced frontline indices. Nifty Mid-Cap 100 index gained 0.11% and the Nifty Small-Cap 100 index climbed 0.16%.

The US dollar fell against its peers on Wednesday. It dropped from its one-week high ahead of the Fed's policy announcement today. Brent crude increased 1.17% to USD 95.76 per barrel, while WTI Futures advanced 1.4% to USD 89.6 a barrel. On the flip side, Natural gas futures dipped 0.1%.

According to November 1 statistics, FIIs were net buyers while DIIs were net sellers. Foreign Institutional Investors (FII) purchased shares worth Rs 2,609.94 crore. Domestic Institutional Investors (DII) sold Rs 730.14 crore of shares.

The following is a list of the top stocks that are experiencing a solid positive breakout.  

Stock Name 

CMP (Rs) 

Change (%) 

Volume 

Mazagon Dock Shipbuilders Ltd. 

682.0 

6.9 

65,54,912 

Cholamandalam Investment & Finance Company Ltd. 

746.3 

5.2 

40,11,272 

Hindalco Industries Ltd. 

424.0 

2.3 

62,12,865 

ITC Ltd. 

355.1 

1.6 

85,47,677 

Sun Pharmaceuticals Industries Ltd. 

1,059.6 

2.2 

37,75,222 

 

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Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.

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