Watch out for these breakout stocks today!

5paisa Research Team

Last Updated: 1st March 2023 - 02:14 pm

Nifty 50 started higher despite negative global signals. In this post, we have identified breakout stocks for Wednesday.

Nifty 50 began the month's first trading session up at 17,360.1 compared to its previous closing of 17,303.95. This was despite weak global trends. Leading Wall Street indices finished down on Tuesday, weighed down by fears that higher interest rates may be in force for a longer period, as well as falling growth expectations and dismal earnings results.

Global Markets

In overnight trade, Nasdaq Composite declined 0.1%, Dow Jones Industrial Average fell 0.71%, and S&P 500 dropped 0.3%. In fact, at the time of writing, their respective futures are trading flat with a bearish bias. Nonetheless, Asian market indices were largely in the green on Wednesday, with Hong Kong's Hang Seng and China's SSE Composite index taking the lead.

Domestic Markets

Nifty 50 was trading at 17,395.25 at 9:55 a.m., up 91.3 points or 0.53%. Frontline indices, on the other hand, underperformed broader market indices. Nifty Mid-Cap 100 index increased by 0.98%, while Nifty Small-Cap 100 index climbed by 0.85%.

Market Statistics

The advance-decline ratio on the BSE was positive, with 2135 stocks rising, 712 falling, and 119 staying unchanged. All the sectors were trading flat to green with metals, PSU banks, automobile and realty leading the way.

FIIs were net sellers, while DIIs were net purchasers, according to statistics as of February 28. A total of Rs 4,559.21 crore worth of shares were sold by Foreign Institutional Investors (FIIs). Domestic Institutional Investors (DIIs) invested Rs 4,609.87 in shares. FIIs sold Rs 6,581.73 crore worth of shares in February, while DIIs purchased Rs 6,841.53 crore worth of shares.

Breakout Stocks to Watch Out for on March 1

Stock Name	CMP (Rs)	Change (%)	Volume
Adani Enterprises Ltd.	1,444.7	5.9	37,25,269
Hindalco Industries Ltd.	408.5	2.3	21,30,191
Jindal Steel & Power Ltd.	563.9	2.7	6,73,204
Adani Ports and Special Economic Zone Ltd.	601.9	1.6	34,37,418
One 97 Communications Ltd.	610.5	2.2	11,33,846

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