Watch out for these breakout stocks today

The Nifty 50 began the new week on a downbeat tone due to poor global signals. In this post, watch out for breakout stocks on Monday.  

Nifty 50 began lower on Monday at 17,066.6, compared to Friday's closing of 17,100.05. This was due to lacklustre global cues. Leading Wall Street indices finished substantially down on Friday, as fears of additional bank collapses remained, despite moves to rescue First Republic Bank and Credit Suisse.

Global Markets  

On Friday, Nasdaq Composite fell 0.74%, Dow Jones Industrial Average dropped 1.19%, and S&P 500 sank 1.1%. At the time of writing, their individual futures were mostly trading in the red. Except for China's SSE Composite index, Asian market indices were trading negatively, mirroring Wall Street's trend.

Domestic Markets

Nifty 50 was trading at 16,871.85 at 12:25 p.m., down 228.2 points or 1.33%. Frontline indices, on the other hand, outperformed broader market indices. Nifty Mid-Cap 100 index fell 1.64% and Nifty Small-Cap 100 index dipped 1.46%.

Market Statistics

The advance-decline ratio on the BSE was unfavourable, with 955 stocks rising, 2501 falling, and 120 staying unchanged. With metal, media, and PSU banks hurting the most, all sectors were trading in the negative.

FIIs were net sellers, while DIIs were net purchasers, according to statistics as of March 17, 2023. Foreign Institutional Investors (FIIs) sold shares to the tune of Rs 1,766.53 crore. Domestic Institutional Investors (DIIs) invested Rs 1,817.14 crore in shares.

Breakout Stocks to Watch Out for Today