Top 10 stocks experiencing a positive breakout

Nifty 50 opened with a gap-up, a bit above 16,150 levels. In this piece, we will highlight the top ten stocks that are experiencing a positive breakout.

Leading US indices rose substantially on Friday as retail sales in the United States increased by 1 per cent in June, above expectations. The previously stated 0.3 per cent dip in sales in May was corrected to a 0.1 per cent drop. Looking at retail sales figures might provide a decent indication of the strength of the US economy.

The reserves have fallen by 8.06 billion dollars as of July 8, 2022, to 580.3 billion dollars. As a result of this reduction, reserves have dropped to their lowest level in 15 months. The Reserve Bank of India (RBI) is likely to have increased its intervention to stabilise the rupee, which is reaching new lows due to foreign capital outflows. The Indian rupee has declined against the US dollar for 11 weeks in a row.

On Monday, Asian indices lowered their expectations for rapid Fed rate rises. Concerns remain, though, ahead of a likely rate rise in Europe and another wave of corporate earnings reports.

After a four-day losing run on July 15, the Nifty concluded the week on a positive note, concluding the session at 16,049, up 111 points (0.69 per cent). Despite this, the week ended on a negative note, as it was down 1.06 per cent on a weekly basis after a three-week advance.

Any rise over the 16,200 - 16,250 levels is expected to attract sellers (mainly FIIs). To gain additional impetus, the Nifty 50 has to break over the 16,300 to 16,400 area, while falling below 15,850 may lead to further bearishness.

The top ten stocks experiencing positive breakout are shown below.