A strong positive breakout is seen in these stocks; do you own them?

On the weekly expiry session, Nifty 50 began flat due to poor global trends. In this post, we have identified top stocks that are experiencing a strong positive breakout.

Nifty 50 index began flat on Thursday at 17,885.5, compared to its previous closing of 17,871.7. This was due to lacklustre global trends. Following statements by US Fed Chair Jerome Powell on Tuesday, leading Wall Street indices closed in the red on Wednesday. He stated that the central bank will need to maintain suitably tight monetary policy for a few years to control inflation.

In overnight trade, Nasdaq Composite dropped 1.68 per cent, Dow Jones Industrial Average sank 0.61 per cent, and S&P 500 fell 1.11 per cent. However, at the time of writing, their respective futures were trading in the green. In contrast, Asian market indices were trading mixed. Except for Hong Kong's Hang Seng and China's SSE Composite index, all others were trading in the red.

Nifty 50 was trading flat at 17,867.7 at 11:15 a.m., down 4 points or 0.02 per cent. Broader market indices, on the other hand, traded mixed versus the frontline indices. Nifty Mid-Cap index rose 0.05 per cent, while Nifty Small-Cap 100 index fell 0.15 per cent.

The advance-decline ratio on the BSE was nearly flat, with 1612 stocks rising, 1632 falling, and 152 staying unchanged. Aside from media and IT, all other sectors were trading in the red.

FIIs were net sellers, while DIIs were net buyers, according to statistics as of February 8. Foreign Institutional Investors (FIIs) sold Rs 736.82 crore worth of shares. Domestic Institutional Investors (DIIs) invested Rs 941.16 crore in shares.

Despite being above its 20-Day Exponential Moving Average (EMA), Nifty 50 remains below its 50-Day EMA. In the short term, levels of 18,090 - 18,250 would work as strong resistance, while 17,575 - 17,610 would act as strong support. The future course of action would be determined by any movement beyond these levels. Furthermore, because markets are currently in a correction phase, a stock-specific strategy is advised.

The stocks listed below have seen a strong positive breakout.