These stocks are experiencing a strong positive breakout; do you hold them?

Nifty 50 opened higher, as evidenced by SGX Nifty, following strong global trends. In this post, we have highlighted the top stocks that are experiencing a strong positive breakout.

Nifty 50 began higher on an eventful day of Union Budget 2023, as evidenced by the SGX Nifty, at 17,811.6, compared to its previous closing of 17,662.15. This was a result of strong global trends. On Tuesday, leading Wall Street indices finished higher as labour costs increased at the slowest rate in a year. This was owing to slower wage growth, implying that the Fed will ease off on its aggressive rate hike ahead of its monetary policy meeting.

Global Markets

In overnight trade, Nasdaq Composite rose 1.67%, Dow Jones Industrial Average surged 1.09%, and S&P 500 soared 1.46%. Following the strong global trends, major Asian market indices were also trading higher. All other indices traded in green excluding Australia's S&P ASX 200 index.

Domestic Markets

Nifty 50 was trading at 17,819.1, up 156.95 points or 0.89%, at 10:55 a.m. In contrast, broader market indices outpaced frontline indices. Nifty Mid-Cap 100 index rose 1.15% while Nifty Small-Cap 100 index gained 1.08%.

Market Statistics

On the BSE, the advance-decline ratio was positive, with 2386 stocks rising, 864 falling, and 138 staying unchanged. All sectors were trading in the green, with the realty, financial services, and banks leading the way.

According to January 31 statistics, FIIs were net sellers while DIIs were net purchasers. Foreign Institutional Investors (FIIs) sold Rs 5,439.64 crore worth of shares. Domestic Institutional Investors (DIIs) purchased shares worth Rs 4,506.31 crore.

Market Technicals

At the time of writing, markets are trading near the day's high. After finding strong support at the 200-Day Exponential Moving Average (EMA), it is still trading below the 20 and 50-Day EMAs. Once it breaks beyond the 18,290 - 18,430 zone, a new bullish run will begin. On the downside, 17,580 would be a good support level.

Breakout Stocks to Watch Out for Today