These stocks are experiencing a solid positive breakout; do you own them?

These stocks are experiencing a solid positive breakout; do you own them?

by 5paisa Research Team Last Updated: Jan 27, 2023 - 08:33 pm 2.6k Views

Despite positive global trends, the Nifty 50 began weaker on the final trading day of the week. This post identifies top stocks that are experiencing a solid positive breakout.

Nifty 50 began lower on Friday at 17,877.2, compared to its previous closing of 17,891.95. This was even though, leading Wall Street indices concluded in the green, owing to positive economic data and corporate earnings reports.

In overnight trade, Nasdaq Composite rose 1.76%, Dow Jones Industrial Average gained 0.61%, and S&P 500 surged 1.1%. However, at the time of writing, Dow Jones and Nasdaq 100 futures were trading in the red. As a result, Asian market indices traded mixed, with Japan's Nikkei 225 index, Hong Kong's Hang Seng index, and Australia's S&P ASX 200 index trading flat to negative.

Nifty 50 was trading at 17,698.45 at 11:00 a.m., down 193.5 points or 1.08%. Frontline indices, on the other hand, traded in line with the broader market indices. Nifty Mid-Cap 100 index fell 1.17%, while Nifty Small-Cap 100 index was down 1.02%.

Nifty 50 is now trading around its support zone, which is positioned between 17,760 and 17,850. A strong close below this level will most likely push the Nifty 50 towards the 16,940 - 17,380 range.

Nifty Bank is also trading around its support zone, which is placed between 40,820 and 41,830. If these levels are breached, Nifty Bank would most likely fall to 37,770 - 39,180. Currently, the market appears to be turbulent ahead of the budget, so traders should use caution.

The advance-decline ratio on the BSE was negative, with only 913 stocks rising, 2346 falling, and 128 staying unchanged. Aside from the auto, FMCG, and pharma sectors, all other sectors traded in the red.

The stocks listed below are experiencing a solid positive breakout.

Stock Name  

CMP (Rs)  

Change (%)  


Tata Motors Ltd.  




Bajaj Auto Ltd.  




UPL Ltd.  




TVS Motor Company Ltd.  




Cipla Ltd.  




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