Top stocks exhibiting a positive breakout from the first resistance level

Nifty 50 has been trading sharply higher near its day’s high. A lot of stocks have witnessed a positive breakout from the first resistance level. Read on to find out more.

The Federal Reserve increased its benchmark interest rate by another 75 basis points to combat inflation. This was the second 75 basis point rate hike in a row and the fourth interest rate increase this year. As a result, the US indices rallied on Wednesday. Nasdaq Composite registered its biggest daily gain since April 2020.

Ahead of the US Fed meet outcome in the evening, the Nifty 50 gave up its two-day losing run on July 27. Nifty ended yesterday’s session at 16,641.8, up 0.96% or 157.9 points. In the Asian pack, Nifty 50 came out as the best performer. The levels of 17,200 to 17,300 is the next resistance while 16,300 to 16,500 is likely to act as strong support for the Nifty 50 in the near term.

on Thursday, Asian indices made gains on a cautious note as investors noticed a possible slowdown in the pace of US rate hikes, declining bond yields and limiting the dollar.

Following is the list of stocks witnessing a positive breakout from the first resistance.