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

Despite negative global trends, Nifty 50 began with modest gains. In this post, we have identified top stocks experiencing a strong positive breakout.

Nifty 50 began with modest gains at 17,622.85, up from its previous close of 17,563.95. This was even though global cues were gloomy. Leading Wall Street indices concluded down on Thursday, amid robust weekly job claims and hawkish comments from Philadelphia Fed President Patrick Harker.

As a result, fears of the central bank continuing its aggressive rate hikes grew, raising the probability of an economic recession. Nasdaq Composite finished the session in the red, down 0.61%. Dow Jones and S&P 500 fell 0.3% and 0.8%, respectively. The 10-year US Treasury yield has risen to 4.24%, its highest level since 2008.

Nifty 50 was trading at 17,656.7, up 92.75 points (0.53%), at noon. Frontline indices outpaced broader market indices. Nifty Mid-Cap 100 index was down 0.24%, while Nifty Small-Cap 100 index was up 0.15%.

On BSE, the advance-decline ratio was flat, with 1,668 stocks rising, 1,641 falling, and 154 staying unchanged. Apart from media, metal, IT, pharma and realty, all other sectors traded in the green, with banks, FMCG, and automobile topping the charts.

FIIs were net buyers, while DIIs were net sellers, according to statistics as of October 21. Foreign Institutional Investors (FII) purchased shares worth Rs 1,864.79 crore. Domestic Institutional Investors (DII) sold shares worth Rs 886.8 crore. For the first time since October 7, 2022, FIIs were net buyers.