These stocks are experiencing solid breakout in a declining market
Markets opened flat on the back of poor global cues. We curated a list of stocks experiencing a strong positive breakout in this post.
Nifty 50 began today's session flat, with a bearish bias due to weak global indications. This comes ahead of the release of the US Consumer Price Index (CPI) statistics later today.
Furthermore, key Wall Street indices finished in the red on Tuesday. This fall was amid the fall in chipmakers and technology companies. The Nasdaq Composite, Dow Jones, and S&P 500 all fell 1.19 per cent, 0.18 per cent, and 0.42 per cent, respectively.
Another catalyst to the drop is US inflation statistics. This would likely signify Federal Reserve's shift toward greater tightening to combat inflation. The overnight decline on Wall Street has also caused the key Asian indices to trade lower.
At the time of writing, the Nifty 50 was trading near its critical level of 17,500 at 17,503.85, down 21.25 points (0.12 per cent). Broader market indices traded in line with frontline indices. Nifty Mid-Cap index is down 0.27 per cent and Nifty Small-Cap index is down 0.21 per cent, respectively.
Moreover, oil prices further dropped as the US crude inventories increased. This indicates a slowing pace in demand. Brent crude was down 0.2 per cent at USD 96.08 a barrel. Whereas, WTI and natural gas futures were down 0.3 per cent and 0.33 per cent, respectively.
Foreign Institutional Investors (FII) purchased shares worth Rs 1,449.70 crore. And Domestic Institutional Investors (DII) sold shares worth Rs 140.73 crore.
The following stocks have seen a strong positive breakout.
|
Stock Name
|
Current Market Price (Rs)
|
Change (%)
|
Volume
|
|
Chemcon Speciality Chemicals Ltd.
|
393.1
|
18.6
|
22,80,522
|
|
Tata Chemicals Ltd.
|
1,082.0
|
13.1
|
1,10,98,406
|
|
Rainbow Childrens Medicare Ltd.
|
530.0
|
11.8
|
12,41,346
|
|
TD Power Systems Ltd.
|
625.1
|
8.8
|
1,81,846
|
|
JK Paper Ltd.
|
418.5
|
7.6
|
70,51,083
|