These powerful stocks are experiencing a strong positive breakout

These powerful stocks are experiencing a strong positive breakout

Indian Market
by 5paisa Research Team Last Updated: 2022-11-07T16:35:10+05:30

Nifty 50 opened the week on a strong note, with positive global and Asian trends. Continue reading to learn more about powerful stocks that are experiencing a strong upbeat breakout. 

Nifty 50 started the new week's session at 18,211.75, up from Friday's closing of 18,117.15. This was due to strong global and Asian cues. Leading Wall Street indices soared on Friday, breaking a losing streak of four straight sessions. This was owing to a mixed employment report and anticipation for a US Fed interest rate hike.

In October 2022, the unemployment rate increased. This signals that the US Fed may consider lowering the pace of rate hikes. In Friday's session, Nasdaq Composite surged 1.28%, Dow Jones increased 1.26%, and S&P 500 went up 1.36%. Asian counterparts started higher on Monday, as sentiments improved amid solid US job statistics and prospects for China's economic reopening.

On Monday, oil prices fell more than 2% as China, one of the world's largest oil importers, reaffirmed its economically damaging zero-COVID policy, reducing prospects for a resurgence in oil demand. Brent crude dropped 1.3% to USD 97.5 per barrel, while WTI futures sank 1.4% to USD 91.3 per barrel. In contrast, natural gas futures soared 7.7%.

Nifty 50 was trading at 18,136.6 at 11:47 a.m., up 19.45 points or 0.11%. Broader market indices outpaced frontline indices. Nifty Mid-Cap 100 index was up 0.42% and the Nifty Small-Cap 100 index gained 0.36%.

The following is a list of the powerful stocks experiencing a solid positive breakout.

Stock Name 

CMP (Rs) 

Change (%) 

Volume 

Mazagon Dock Shipbuilders Ltd. 

815.5 

4.4 

53,56,221 

State Bank of India 

609.1 

2.5 

3,07,69,800 

Amara Raja Batteries Ltd. 

593.9 

4.3 

34,46,631 

Adani Enterprises Ltd. 

3,958.0 

3.3 

34,92,673 

Jindal Steel & Power Ltd. 

493.2 

3.3 

25,16,272 

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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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