These stocks are witnessing a solid positive breakout; do you hold them?

These stocks are witnessing a solid positive breakout; do you hold them?

by 5paisa Research Team Last Updated: Feb 06, 2023 - 02:42 pm 1.6k Views

Nifty 50 began the new week down due to dismal global trends. In this post, we have highlighted the top stocks that are witnessing a solid positive breakout.

Nifty 50 began lower on Monday at 17,818.55, compared to its Friday closing of 17,854.05. This was due to a lacklustre of global cues. The leading Wall Street indices were trading in the negative on Friday, following the release of surprise US employment statistics in January. The US job numbers jumped, with the unemployment rate approaching a two-year low, prompting concerns about the Fed's aggressive rate rise.

Global Markets

On Friday, Nasdaq Composite plummeted 1.6%, Dow Jones Industrial Average sank 0.38%, and S&P 500 fell 1.04%. At the time of writing, their respective futures were trading in the red. Except for Japan's Nikkei 225 index, Asian peers were trading in the red, mirroring the poor global trends.

Domestic Markets

Nifty 50 was trading at 17,717.4 at 11:10 a.m., down 136.65 points or 0.77%. Broader market indices, on the other hand, outpaced frontline indices. Nifty Mid-Cap 100 index rose 0.5% and the Nifty Small-Cap 100 index gained 0.65%.

Market Statistics

The advance-decline ratio on the BSE was marginally positive, with 1736 stocks rising, 1571 falling, and 208 staying unchanged. Apart from the media, FMCG, and realty, all other sectors were in the negative.

Market Technicals

The Nifty 50 is continuing downwards and trading below its 20 and 50-Day Exponential Moving Averages (EMA). However, it has found solid support around its 200-day EMA. As a result, the Nifty 50 has to break beyond 18,290 - 18,430 to begin a new positive trend. However, markets are expected to consolidate till then. A stock-specific viewpoint is recommended. Furthermore, trade with caution and respect stop losses.

Breakout Stocks to Watch Out for Today

Stock Name  

CMP (Rs)  

Change (%)  

Volume  

Zydus Lifesciences Ltd.  

473.8  

9.0  

38,91,294  

One 97 Communications Ltd.  

549.7  

4.7  

37,12,627  

Elgi Equipments Ltd.  

405.9  

6.6  

10,33,348  

Adani Ports and Special Economic Zone Ltd.  

508.6  

1.9  

1,26,37,888  

IndusInd Bank Ltd.  

1,129.2  

2.3  

13,48,818  

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