These stocks are experiencing a strong price volume breakout

Nifty 50 continued its downward streak amid weak global cues. In this article, we have listed the top stocks that are experiencing a strong positive breakout.

Nifty 50 started off the session on a negative note at 17,790.1 as against its previous close of 17,764.6. This was a result of weak global cues. Key Wall Street indices on Monday ended in red amid strong job numbers raising the prospect of the US Fed considering an aggressive rate hike. Markets would likely track the comments from US Fed’s Chair Jerome Powell in his interview slated later today.

Global Markets 

Nasdaq Composite slumped 1%, Dow Jones Industrial Average fell 0.1% and S&P 500 tumbled 0.61% in overnight trade. However, their respective futures were trading in green at the time of writing. Major Asian indices traded mixed tracking the global cues. Apart from Japan’s Nikkei 225 index and Australia’s ASX 200 index, all other Asian indices traded in the green.

Domestic Markets

At 10:50 a.m., Nifty 50 was trading at 17,766.95, up by 2.35 points or 0.01%. Broader market indices, on the other hand, are underperforming frontline indices. Nifty Mid-Cap 100 index and Nifty Small-Cap 100 index dropped 0.17% and 0.56%, respectively.

Market Statistics

The advance-decline ratio on BSE was negative with 1484 stocks advancing, 1719 declining and 157 remaining unchanged. On the sectoral front, apart from banks, financial services, and IT, all other sectors are trading in the red.

Market Technicals  

Nifty 50 is heading towards consolidation while trading below its 20 and 50-Day Exponential Moving Average (EMA). It is acting as a good resistance to the Nifty 50 and on the downside 200-Day EMA is acting as a strong support. In the near term, the resistance zone would be from 17,930 to 17,975 levels, while 17,355 to 17,460 would act like a support zone. Any movement beyond this level will decide the course of the market.

Breakout Stocks to Watch Out for Today