Nifty midcap 100 index is witnessing a trendline breakout; these two stocks are showing a strong breakout

Nifty 50 opened on a strong note but trading off day’s highs. Nifty midcap 100 index gave a trendline breakout, with IGL and HAL showing a strong positive breakout. Read on to find out more. 

Nifty 50 futures opened on a strong note following the Asian indices. However, its high and open is the same at 17,895. If we go by the analogy of which high equals open market trades lower, then it is likely that markets likely trade flat with negative bias.

Wall Street jumped in overnight trade which can be attributed to the surge in giant growth stocks. This was amid investors anticipating Federal Reserve likely move ahead with a less aggressive rate hike.  

Nasdaq Composite climbed 0.62%, Dow Jones jumped 0.45%, while S&P 500 surged 0.4%. Taking positive cues from overnight trade on Wall Street, Asian indices mostly traded higher on Tuesday. 

At the time of writing, Nifty 50 was trading at 17,819.85, up 121.70 points (0.69%). Having said that, it underperformed broader market indices, as Nifty Mid-Cap 100 was trading up by 1.09%, while Nifty Small-Cap 100 was up by 0.85%.  

On the sectoral front, realty, automobile, FMCG and private banks topped the charts, whereas metals and media sectors proved to be top losers. However, the advance-decline ratio was quite strong with 1,951 stocks advancing, 1,329 stocks declining, while 165 stocks remained unchanged. 

The provisional data as of August 12, shows that the Foreign Institutional Investors (FIIs) bought stocks worth Rs 3,040.46 crore. Domestic Institutional Investors (DIIs) sold shares to the tune of Rs 839.45 crore. On Month till Date (MTD) basis, FIIs were net buyers, buying shares worth Rs 14,841.66 crore. DIIs, on the other hand, were net sellers selling shares worth Rs 4,243.78 crore on an MTD basis.