A solid positive breakout is seen in these stocks; do you hold them?

Nifty 50 continued to fall amid weak global trends. In this post, we have identified top stocks that are experiencing a solid positive breakout.

Nifty 50 index opened lower at 17,790.1, compared to its previous closing of 17,764.6. This was due to a lacklustre of global cues. Leading Wall Street indices closed in the negative on Monday, as strong job data raised the probability of an aggressive rate rise by the US Federal Reserve. Markets will most likely be watching for remarks from US Fed Chair Jerome Powell in his interview later today.

Global

In overnight trade, Nasdaq Composite plummeted 1 per cent, Dow Jones Industrial Average declined 0.1 per cent, and S&P 500 sank 0.61 per cent. However, at the time of writing, their respective futures were trading in the green. Following global trends, major Asian indices traded mixed. All Asian indices traded in the green, except for Japan's Nikkei 225 index and Australia's ASX 200 index.

India

Nifty 50 was trading at 17,727.65 at 11:45 a.m., down 18.4 points or 0.10 per cent. Frontline indices, on the other hand, performed mixed against broader market indices. Nifty Mid-Cap 100 index fell 0.17 per cent and Nifty Small-Cap 100 index fell 0.62 per cent.

Statistics

On the BSE, the advance-decline ratio was negative, with 1524 stocks rising, 1773 falling, and 162 staying unchanged. Aside from banks, realty, and IT, all other sectors are in the red.

Technical

Nifty 50 is consolidating and trading below its 20 and 50-Day Exponential Moving Averages (EMA). It is serving as strong resistance to the Nifty 50, while the 200-Day EMA is working as strong support. In the short term, the resistance zone would be from 17,930 to 17,975, while the support zone would be from 17,355 to 17,460. Any movement beyond this level will determine the market's direction.

Breakout Stocks

1 comments on article "A solid positive breakout is seen in these stocks; do you hold them?"

Afzal Husain

DalalStreet Investment is journal is the greatest magzine for taking stock market.Very good % rate is for picking stock, large, mid, small cap stock from begining.It will be very good to provide option call.

Thanks,

2/9/2023 12:14 AM

Please login or register to post comments.