These stocks are experiencing a solid price volume breakout; do you hold them?

These stocks are experiencing a solid price volume breakout; do you hold them?

by 5paisa Research Team Last Updated: Jan 30, 2023 - 12:46 pm 2.7k Views
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Nifty 50 index began lower in the opening session of the fresh week. In this post, we have highlighted the top stocks that are experiencing a solid price volume breakout.

Compared to its closing on Friday, which was 17,604.35, Nifty 50 began lower on Monday at 17,541.95. This was despite buoyant global trends. On Friday, leading Wall Street indices finished the week with strong gains amid expectations of lower inflation.

Global Markets

Nasdaq Composite climbed 0.95% on Friday, Dow Jones Industrial Average was steady with a positive tilt (0.08%), and S&P 500 rose 0.25%. S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all advanced 2.5%, 1.8%, and 4.3%, respectively, on a weekly basis.

However, at the time of writing, their respective futures were trading in the red. Taking the cues from futures, Asian market indices were largely negative, except for China's SSE Composite index, which was trading in the green.

Domestic Markets

Nifty 50 was trading at 17,548.65 at 11:30 a.m., down 55.7 points or 0.32%. When compared to frontline indices, broad market indices performed mixed. Nifty Mid-Cap 100 index fell 0.33%, while Nifty Small-Cap 100 index rose 0.2%.

The advance-decline ratio on the BSE was negative, with 1489 stocks rising, 1888 falling, and 191 staying unchanged. Except for Pharma and IT sectors all other sectors were trading in red.

According to January 27 statistics, FIIs were net sellers while DIIs were net purchasers. Foreign Institutional Investors (FIIs) sold Rs 5,977.86 crore worth of shares. Domestic Institutional Investors (DIIs) invested Rs 4,252.33 crore in shares.

Market Technicals

Technically, the Nifty 50 is still trading well above its 200-day moving average (DMA). Furthermore, it is close to its strong support level of 17,535 - 17,580. If these levels are breached, pessimistic views would prevail, bringing markets to 16,750 to 17,050 levels. Volatility is on the rise, with the India VIX rising over 55% in the previous five trading days. As a result, it is prudent to trade with caution.

Breakout Stocks to Watch Out

Stock Name  

CMP (Rs)  

Change (%)  

Volume  

Ambuja Cements Ltd.  

391.9  

3.0  

2,82,31,261  

Adani Enterprises Ltd.  

2,852.7  

3.3  

74,20,302  

Bajaj Finance Ltd.  

6,016.5  

4.4  

12,67,088  

Bajaj Finserv Ltd.  

1,352.3  

2.9  

16,07,099  

Data Patterns (India) Ltd.  

1,356.5  

16.6  

7,96,160  

 
 

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