Looking for stocks with a solid technical setup? Check out these two companies

Markets had a positive start on the back of strong global trends. In this post, we have picked the top two stocks with outstanding technical setups.

Nifty 50 began higher at 17,685.85 on the back of robust global trends. On Thursday, major Wall Street indices surged in overnight trade. This was due to the significant spike in IT stocks.

Nasdaq Composite increased 1.67 per cent, Dow Jones up 1.41 per cent, and S&P 500 jumped 0.98 per cent. All eyes are now focused on Fed Chair Jerome Powell's address, which is scheduled for later on Friday. However, authorities emphasised the necessity for more rate rises until inflation is brought under control.

Asian indices, on the other hand, rose after reports that the United States and China are close to reaching an audit agreement. This deal would allow American authorities to audit US-listed Chinese corporations in Hong Kong.

Oil has risen as hints of improved demand have been seen. Brent crude rose 0.72 per cent to USD 100.06 per barrel. WTI futures were trading at 93.21 dollars a barrel, up 0.73 per cent, while natural gas futures were up 2.09 per cent.

Nifty 50 was trading at 17,602.95, up 80.5 points (0.46 per cent) at the time of writing. Frontline indices were outperformed by broader market indices. Nifty Mid-Cap 100 index increased by 0.67 per cent, while Nifty Small-Cap 100 index advanced by 0.62 per cent.

According to preliminary statistics as of August 25, 2022, FIIs were net purchasers while DIIs were net sellers. Foreign Institutional Investors purchased shares worth Rs 369.06 crore. Domestic institutional investors sold shares worth Rs 334.31 crore.