Price Volume breakout stocks: These stocks likely to be in focus tomorrow!
Top 3 price-volume breakout stocks
Frontline indexes had a bad finish to the day on Monday, with Sensex closing at 71,731.42 points, down 0.49 per cent, and Nifty closing at 21,771.70 points, down 0.38 per cent. In a similar vein, the Broader market had a mixed result, with Nifty Mid-Cap closing 0.14 per cent down and Nifty Small-Cap up 0.26 per cent.
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The India VIX, which measures market volatility, has increased by 6.86 per cent, indicating a rise in market volatility.
Top 3 price-volume breakout stocks
Indian Overseas Bank (IOB) saw a significant surge today, with its price hitting Rs 62.9, marking a 12.02 per cent increase from the previous close of Rs 56.15. The stock exhibited a price volume breakout, reaching a new all-time high of Rs 66.1. The strong bullish momentum is evident, supported by rising volumes on up days and lower volumes on down days. However, caution is advised as the RSI stands at an elevated 87.78, signalling an overbought region. Traders should closely monitor for potential profit-taking and assess the sustainability of this sharp rise.
Jio Financial Services Ltd experienced a robust trading day, reaching Rs 292.4, a 15.21 per cent jump from the previous close of Rs 253.8. The stock witnessed a price volume breakout and achieved an all-time high of Rs 295.7. The surge in interest can be attributed to recent news about RBI restricting Paytm's business activities. While the RSI is at 76.68, not yet in the overbought zone, caution is advised. The stock remains a strong momentum play, supported by rising volumes on up days and lower volumes on down days.
UCO Bank showcased a bullish trend today, reaching Rs 58.25, a 15.23 per cent increase from the previous close of Rs 50.55. The stock displayed a price volume breakout, bouncing off the 50-day EMA before the breakout. UCO Bank has broken its 52-week high, signalling a positive trend. However, caution is warranted as the RSI is at 85.48, entering the overbought zone. The base pattern breakout and rising volumes on up days, coupled with lower volumes on down days, suggest a strong bullish sentiment. Traders should monitor the sustainability of this uptrend and potential pullbacks.
The following is a list of stocks with a strong positive breakout:
|
Sr.
|
Stock Name
|
Price
|
Volume
|
|
1
|
Indian Overseas Bank
|
62.65
|
23,93,41,270
|
|
2
|
Jio Financial Services Ltd
|
289.1
|
21,10,28,604
|
|
3
|
Uco Bank
|
57.75
|
20,64,65,797
|
|
4
|
Steel Authority Of India Limited
|
135.3
|
13,06,44,925
|
|
5
|
Idbi Bank Limited
|
93.25
|
10,26,40,544
|
|
6
|
Indian Oil Corporation Limited
|
173.95
|
10,10,43,319
|
|
7
|
Bajaj Hindusthan Sugar Limited
|
33.65
|
9,29,94,417
|
|
8
|
Punjab & Sind Bank
|
69.9
|
5,26,39,654
|
|
9
|
Tata Motors Limited
|
926.8
|
3,86,86,871
|
|
10
|
Mahanagar Telephone Nigam Limited
|
49.4
|
2,87,94,559
|
Disclaimer: The article is for informational purposes only and not investment advice.