These stocks are witnessing a strong price volume breakout; do you own them?

On Wednesday, the Nifty 50 opened higher on the back of solid global trends. In this post, we have highlighted the top stocks that are experiencing a strong price volume breakout.

Nifty 50 index began higher on Wednesday at 17,750.3, up from its previous close of 17,721.5. This was due to strong global trends. Leading Wall Street indices concluded in the green following remarks from US Fed Chair Jerome Powell on inflation and the continuation of ongoing rate rises. This came despite substantial job growth and a decreased unemployment rate.

Global Markets

In overnight trade, Nasdaq Composite rose 1.9%, Dow Jones Industrial Average climbed 0.78%, and S&P 500 soared 1.29%. At the time of writing, their respective futures were trading flat to positive. Despite robust overnight trade on Wall Street, Asian counterparts were mixed. Except for Hong Kong's Hang Seng and South Korea's KOSPI, all other Asian indices were flat to negative, with Japan's Nikkei 225 index taking the greatest hits.

Domestic Markets

Nifty 50 was trading at 17,839.3 at 11:05 a.m., up 117.8 points or 0.66%. Broader market indices underperformed the frontline indices. Nifty Mid-Cap 100 index and Nifty Small-Cap index both increased by 0.35% and 0.29%, respectively.

Market Statistics

On the BSE, the advance-decline ratio was positive, with 1713 stocks rising, 1463 falling, and 191 staying unchanged. Aside from automobile and realty, all other sectors were trading in the green.

FIIs were net sellers, while DIIs were net purchasers, according to statistics as of February 7. Foreign Institutional Investors (FIIs) sold shares worth Rs 2,559.96 crore. Domestic Institutional Investors (DIIs) invested Rs 639.82 crore in shares.

Market Technicals

Nifty 50 began higher today but will face resistance around its 20-Day Exponential Moving Average (EMA) of 17,857, followed by the 50-Day EMA of 17,975. However, markets are expected to trade flat unless they go over 18,300 to 18425 on the upside and 17,350 to 17,575 on the downside. Until then, having a stock-specific policy is recommended, as is respecting your stop losses.

Breakout Stocks to Watch Out for Today