Breakout stocks below Rs 100: Don't miss out on the action in these stocks for the next week!

Remarkably, Nifty has sustained an upward trajectory for seven consecutive weeks, a feat not observed in the past three years.

Nifty formed a bullish candlestick pattern on both the daily and the weekly chart. Experiencing another gap-up opening, Nifty closed the week at a fresh record high led by Nifty IT. Remarkably, Nifty has sustained an upward trajectory for seven consecutive weeks, a feat not observed in the past three years.

Investor enthusiasm, particularly from foreign investors, has been notable in recent weeks following state election results. Factors contributing to positive sentiment include political stability, expectations of ongoing reforms, the U.S. Federal Reserve's dovish stance on rates, declining bond yields, and falling crude oil prices. Despite potential near-term consolidation due to overbought technical conditions, the short-term market outlook favors the bulls.

Here are the top three stocks below Rs 100 to monitor for the upcoming week, having witnessed a breakout:

1. Geojit Financial Services Ltd: On Friday, the stock rose by over 5 per cent, closing above Rs 70 and approaching its 52-week high of Rs 73.30 recorded on November 22, 2023. Following a period of minor correction and sideways movement, the Bollinger Bands indicate a compression, often preceding an expansion. The stock witnessed an explosive move supported by a significant surge in volume, reaching the highest single-day volume since November 23. With the price now walking the upper Bollinger band and the daily 14-period RSI generating a buy signal by moving above its nine-period average, a positive bias is validated. Hence, it is advisable to keep this stock on the watchlist.

2. Mahanagar Telephone Nigam Ltd: The stock jumped nearly 6 per cent on Friday, accumulating an 11 percent surge for the week. Overcoming resistance in the zone of Rs 33.55-33.85, the stock reached a fresh 52-week high of Rs 34.45. Notably, the robust up-move was supported by the highest single-day volume in the last two months, indicating favorable conditions for the stock. The daily 14-period RSI shows a shift to super bullish territory, with +DI above -DI and ADX surpassing 25, indicating a bullish structure.

3. Confidence Petroleum India Ltd: On Friday, Confidence Petroleum India's stock price advanced by nearly 4 per cent. In November, the stock touched its 52-week high of Rs 104.90, followed by a minor correction that halted at the 20-DMA. Forming a Tweezer bottom pattern around the 20-DMA on Friday, a bullish reversal pattern is observed. Consequently, the stock is anticipated to regain momentum and move in its primary direction after the corrective phase.

Disclaimer: The article is for informational purposes only and not investment advice