These stocks are exhibiting a solid price volume breakout; do you hold them?

5paisa Research Team 9th February 2023 - 11:52 am

Nifty 50 opened flat on the weekly expiry session amid weak global cues. In this article, we would be listing top stocks that are exhibiting a solid price volume breakout.

Nifty 50 opened flat on Thursday at 17,885.5 as against its previous close of 17,871.7. This was because of weak global cues. Key Wall Street indices on Wednesday ended in red amid remarks from US Fed Chair Jerome Powell on Tuesday. He said that the central bank will need to keep monetary policy sufficiently restrictive for a few years to curb inflation.

Global Markets

Nasdaq Composite tumbled 1.68%, Dow Jones Industrial Average declined 0.61% and S&P 500 plummeted 1.11% in an overnight trade. However, their respective futures were trading in green at the time of writing. Asian market indices, on the other hand, were trading mixed. Apart from Hong Kong’s Hang Seng and China’s SSE Composite index, all others were trading in red.

Domestic Markets

At 11:00 a.m., Nifty 50 was trading at 17,857, down by 14.7 points or 0.08%. Broader market indices, however traded mixed against frontline indices. Nifty Mid-Cap index was up 0.1% and Nifty Small-Cap 100 index declined 0.2%.

Market Technicals

Although Nifty 50 is hovering above its 20-Day Exponential Moving Average (EMA), it is still below its 50-Day EMA. In near term, 18,090 - 18,250 levels would act as strong resistance, while 17,575 - 17,610 would act like strong support. Any movement beyond these levels would decide the future course of action. Moreover, as markets are still in the corrective phase, a stock specific approach is recommended.

Breakout Stocks to Watch Out for Today

Stock Name	CMP (Rs)	Change (%)	Volume
Adani Wilmar Ltd.	438.0	4.6	1,06,21,176
Cummins India Ltd.	1,587.1	7.7	29,63,135
Trent Ltd.	1,320.0	6.8	18,84,553
One 97 Communications Ltd.	691.2	2.3	1,09,96,394
Action Construction Equipment Ltd.	375.2	3.5	12,29,434

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5paisa Research Team

Disclaimer: Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial. Also, The

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