Watch out for these solid breakout stocks today

Watch out for these solid breakout stocks today

by 5paisa Research Team Last Updated: Oct 26, 2023 - 01:14 pm 1k Views
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The NSE benchmark Nifty 50 index started the trading session on Tuesday with a slightly positive bias, but for the second consecutive day, the index has formed an open-high candle. After opening higher and registering an open-high, profit booking was seen in the markets, leading the index to pare its early gains and slip into negative terrain below the 17,700 mark.

Nifty Realty Steals the Show

Despite the dip in the index, the majority of the sectors are currently trading in the green, with Nifty Realty leading the pack. The Nifty Realty index has surged over 1%, with all the constituents trading in green except for Brigade Enterprises. Sobha has emerged as the top performing stock, soaring over 3% and indicating a potential bullish market.

Robust Cues from Wall Street 

The cues from Wall Street have been robust, with major US indexes ending the first trading session of the week in the green. Although stocks were largely subdued for the major part of the session as market participants were concerned about economic slowdown and uncertainty about the outlook for interest rates, buying frenzy kicked in during the last hour of trade amid hopes of solid earnings updates this week. The Dow, S&P 500, and tech-heavy Nasdaq added about 0.3% for the day. The Dow Jones Futures-June 23 is currently trading almost flat, down by 11 points.

Market Statistics

On NSE, the advance-decline ratio is in favor of bulls, with 1192 stocks seen advancing, and about 708 stocks trading in red. However, Foreign Institutional Investors (FIIs) were net sellers, selling shares worth Rs. 533.20 crore. On the other hand, Domestic Institutional Investors (DIIs) were net buyers, buying shares worth Rs. 269.65 crore as of April 17, according to data.

Derivatives Update 

As of April 17, in derivatives, FIIs changed their stance from bullish to neutral after nine consecutive sessions. FIIs added some shorts along with long unwinding, and their long position now stands at 36.55%.

Breakout Stocks to watch out for Today 

Stock Name 

CMP (Rs) 

Change (%) 

10-days Average Volume (Lakhs) 

Today's volume (Lakhs) 

Olectra Greentech 

678 

4.13 

10.57 

9.62 

Just Dial 

688 

6.04 

4.26 

20.84 

Ceat 

1484 

5.7 

1.18 

2.7 

Share Market Today


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About the Author

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