A solid technical setup is seen in these powerful stocks; do you hold any?

Nifty 50 opened with a gap down at 17,485.7 as GDP numbers missed estimates. In this post, we have compiled a list of strong stocks with great technical setups.

As the GDP for the April-June quarter falls short of forecasts, the Nifty 50 opened lower. As per the figures released on Wednesday, the Indian economy rose by 13.5 per cent, the most significant rise in a year. The central bank predicted 16.2 per cent growth, whereas estimates were about 15.2 per cent.

Private consumption accounted for the lion's share of growth (60 per cent). Consumer spending is one of the primary drivers of the Indian economy. It got hampered due to rising inflation.

Major Wall Street indices fell for the fourth session in a row. Powell's ultra-hawkish stance is to blame for the selling pressure. Nasdaq Composite dropped 0.56 per cent, Dow Jones was down 0.88 per cent, and S&P 500 declined 0.78 per cent.

Nifty 50 was trading at 17,553.5 at the time of writing, down 205.8 points (1.16 per cent). Broader market indices outpaced frontline indices. Nifty Mid-Cap 100 index is down 0.21 per cent, while Nifty Small-Cap 100 index is down 0.05 per cent.

Market breadth appears to be bullish. On the BSE, 1,882 stocks advanced, 1,458 declined, and 168 stayed unchanged. Realty, PSU banks and automobile led the sectoral charts. IT, FMCG, pharma, and metals were the biggest losers.

According to the data as of August 30, FIIs were net purchasers while DIIs were net sellers. Foreign Institutional Investors (FII) purchased shares worth Rs 4,165.86 crore. Domestic Institutional Investors (DII) sold shares worth Rs 656.72 crore.