A solid positive breakout is seen in these stocks; do you hold them?
Most sectors closed higher, with BSE Power gaining 1.41 per cent, auto up 0.64 per cent, IT stocks rising 0.52 per cent, and BSE Teck stocks seeing gains of 0.52 per cent.
Indian equity markets rose by 0.14 per cent on Wednesday, the Nifty 50 and BSE Sensex closed at 19,811 and 66,023 respectively. Mid-Caps gained 0.15 per cent, while Small-Caps dipped 0.22 per cent. The 50 stocks were advancing against every 67 declining stocks on Wednesday.
Most sectors closed higher, with BSE Power gaining 1.41 per cent, auto up 0.64 per cent, IT stocks rising 0.52 per cent, and BSE Teck stocks seeing gains of 0.52 per cent.
Here are top 2 breakout stocks to watch:
Lumax Industries Ltd
Lumax Industries’ stock was traded and closed at Rs 2636.70 on Wednesday, witnessing a flag breakout. The stock crossed the 52-week high with volume above the daily average. Along with the breakout, the stock successfully broke its 52-week high by surging more than 7 per cent. The relative strength index is just at the level of 74.76, in the bullish zone range. From the historical data, it shows that above the RSI 65 level, stock prices became bullish to reach new highs. The stock has generated 8,370.21 per cent returns over its life period. This is a must-watch breakout stock for traders and investors.
Lumax Industries Ltd. is a holding company, which engages in the manufacture, trading, and supply of automotive lighting systems for four-wheeler and two wheeler vehicles.
Nitin Spinners Ltd
The stock price of Nitin Spinners has had a multi-year breakout with 10 times more volume than on an ordinary trading day. The volume spike is more than supportive for this breakout, as the breakout candle itself is a strong body, but the candle failed to close above a multi-year high. Further, the relative strength index is in the range of 65 to 80, which is a sign of bullishness in the stock price. The stock has been continuously in a strong uptrend since the last few trading sessions, as the ADX is also reflecting the strength of the trend, crossing above the level of 25. Currently, the stock is trading at Rs 344.70, which is its 52-week high. The stock rose more than 9 per cent on Wednesday and has given 1,272.62 per cent returns over its life period. This is a must-watch breakout stock for traders and investors.
Nitin Spinners Ltd. engages in the manufacture of cotton yarn and knitted fabric.
Disclaimer: The article is for informational purposes only and not investment advice.
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