These technically solid stocks have breakout potential; do you hold them?

Nifty 50 started today’s session lower on the back of weak global trends. In this post, we have highlighted powerful stocks having breakout potential.

Nifty 50 opened lower at 17,519.4 on the back of dismal global trends. On Tuesday, major Wall Street indices finished in the red. This was the first trading session following the US Labor Day and summer vacations.

The US services sector began to rebound in August 2022. This was according to the survey conducted by Institute for Supply Management (ISM). This second consecutive increase was due to greater order growth and employment. It is also attributed to the relief from supply constraints.

All eyes will be on Fed Chair Jerome Powell's address, scheduled for this Thursday. Besides this, consumer price data for the United States would get announced next week. Investors are presumably looking for signals about the stance of monetary policy. Nasdaq Composite dropped 0.74 per cent, Dow Jones sank 0.55 per cent, and S&P 500 dipped 0.41 per cent.

Nifty 50 was trading at 17,639.7 at the time of writing, down 15.9 points (0.09 per cent). Broader markets outpaced frontline indices. Nifty Mid-Cap 100 index increased by 0.4 per cent, while Nifty Small-Cap 100 index gained 0.63 per cent.

On the BSE, the advance-decline ratio appears to be modest. Around 2,070 stocks advanced, 1,308 declined, and 150 stayed unchanged. On a sectoral basis, media, FMCG and pharma were the biggest gainers. Sectors like automobiles, banks, metals, and realty were the Top Losers.

FIIs and DIIs were net buyers, according to preliminary statistics as of September 6. Foreign Institutional Investors (FII) purchased shares worth Rs 1,144.53 crore. Domestic Institutional Investors (DII) purchased shares worth Rs 632.97 crore.