Top 2 Breakout Stocks to Watch; Don’t miss this action!

Most sectors closed higher, with Consumer Durables gaining 1.34 per cent, real estate up 1.15 per cent, Commodities stocks rising 0.77 per cent, and healthcare stocks seeing gains of 0.59 per cent.

Indian equity markets rose by 0.4 per cent on Tuesday, tracking overnight gains in US stocks and positive news such as reports of peace talks between Israel and Hamas and a cool-off in oil prices.

The Nifty 50 and BSE Sensex closed at 19,783 and 65,930 respectively. Mid-Caps gained 0.14 per cent, while Small-Caps gained 0.2 per cent. The 11 stocks were advancing against every 10 declining stocks on Tuesday.

Most sectors closed higher, with Consumer Durables gaining 1.34 per cent, real estate up 1.15 per cent, Commodities stocks rising 0.77 per cent, and healthcare stocks seeing gains of 0.59 per cent.

The much-awaited Rs 3,042 crore Tata Technologies IPO opens tomorrow.

Here are the top 2 breakout stocks to watch:

Max Financial Services Ltd

Max Financial Services’ stock was traded and closed at Rs 979.25 on Tuesday, witnessing a range breakout. The stock crossed the upper resistance of the range with volume above the daily average. Along with the range breakout, the stock successfully broke its 52-week high by surging more than 3 per cent. The relative strength index is just at the level of 64.84, on the verge of crossing the level of 65. From the historical data, it shows that above the RSI 65 level, stock price became bullish to reach new highs. There is nearest resistance at Rs 1080, which can act as a target for a current breakout or a reversal point. The stock has generated 51.83 per cent returns in the last year. This is a must-watch breakout stock for traders and investors.

The company is primarily engaged in growing and nurturing business investments and providing management advisory services to Indian group companies. Max Financial Services Limited owns and actively manages an 81.83 per cent majority stake in Max Life Insurance, India's largest non-bank life insurer and 4th largest private life insurance company.

Shalby Ltd

The stock price of Shalby has given a squeezed range breakout on Tuesday with 3.51 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 and contains hardly 10 per cent wick. 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 month of June. Currently, the stock is trading at Rs 317.50, which is its all-time high, and there is room for the stock to take off. The stock rose more than 8 percent on Tuesday and has given a 123.08 per cent returns in the last one-year time period. This is a must-watch breakout stock for traders and investors.

Shalby Ltd is engaged in the healthcare delivery space in India. It operates a chain of multi-specialty hospitals across India. The business of the company is to offer tertiary and quaternary healthcare services to patients in various areas of specialization such as orthopedics, complex joint replacements, cardiology, neurology, oncology, renal transplantations, etc.

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