A solid positive breakout is seen in these stocks; do you hold them?
Most of the sectors finished in positive territory. Real Estate stocks gained the most with a 1 per cent increase, followed by Oil & Gas with a 0.9 per cent rise.
Today, the stock market had a bit of a bumpy start, but by the end of the day, both the Sensex and Nifty remained mostly unchanged. The midcap stocks didn't show much movement, but Small-Cap stocks saw a modest increase of 0.7 per cent. The number of advancing and declining stocks was about the same.
In terms of sectors, most of them finished in positive territory. Real Estate stocks gained the most with a 1 per cent increase, followed by Oil & Gas with a 0.9 per cent rise. On the downside, Pharma stocks dropped by 1.6 per cent, and IT stocks were down by 0.6 per cent.
Mama earth had a strong performance in the second quarter, impressing investors and silenced its bears for now.
Here are top 2 breakout stocks to watch:
Sandhar Technologies Ltd
Sandhar Technologies’ stock was traded and closed at Rs 516.20 on Thursday, witnessing a flag breakout. The stock crossed the 52-week high with volume above the daily average. Along with the breakout, the stock successfully broke its all-time high by surging more than 6 per cent. The relative strength index is just at the level of 76.53, in the bullish zone range. The stock price crossed its 50-day EMA a long time ago; since then, the stock has been trading higher and higher by making smaller continuation chart patterns. The stock has generated 124.89 per cent returns over a one-year time period. This is a must-watch breakout stock for traders and investors.
Sandhar Technologies Ltd. engages in the manufacture and assembling of automotive components, parts, and systems.
Deepak Nitrite Ltd
The stock price of Deepak Nitrite has formed an inverted head and shoulder chart pattern, which is a bullish reversal sign for the price. The stock is on the verge of a breakout, and the volume traded on Thursday is more than supportive of this breakout. The breakout of this pattern may lead the stock to its 52-week high. The relative strength index is about to enter the range of 65 to 80, which is a sign of bullishness for stock prices. The stock has traded near the 50-day EMA previously, and by taking support, it bounced to the current level of Rs 2206.20. The stock rose 3 per cent on Thursday and has given 12,297.53 per cent returns over its life period. This is a must-watch breakout stock for traders and investors.
Deepak Nitrite Ltd. operates as a chemical manufacturing company, which engages in the manufacture and sale of chemicals.
Disclaimer: The article is for informational purposes only and not investment advice.
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