Watch out for these breakout stocks today

5paisa Research Team 23rd March 2023 - 10:39 am

Nifty 50 started higher on the back of strong global signals. In this post, watch out for breakout stocks as of Wednesday.

On Wednesday, Nifty 50 began higher at 17,177.45, up from its previous closing of 17,107.5. This was due to strong global signals. Leading Wall Street indices finished higher on Tuesday, with regional bank shares, notably First Republic Bank, taking charge. Yet, investors are unsure what the Fed will do as it strives to manage financial stresses with persistently rising inflation.

Global Markets

In overnight trade, Nasdaq Composite soared 1.58%, Dow Jones Industrial Average rose 0.98%, and S&P 500 shot up 1.3%. Yet, at the time of writing, their respective futures were trading flat with a positive bias. Asian market indices were trading higher on Wednesday, after the overnight Wall Street action, with Japan's Nikkei 225 index and Hong Kong's Hang Seng index taking the lead.

Domestic Markets

Nifty 50 was trading at 17,142.55, up 35.05 points or 0.2%, at 10:35 a.m. Frontline indices, on the other hand, underperformed broader market indices. Nifty Mid-Cap 100 index climbed 0.4% and Nifty Small-Cap 100 index advanced 0.66%, respectively.

Market Statistics

The advance-decline ratio on the BSE was favourable, with 2106 stocks gaining, 978 decreasing, and 142 staying unchanged. Apart from media, all the other sectors were trading in the green.

FIIs were net sellers, while DIIs were net purchasers, according to statistics as of March 21. Foreign Institutional Investors (FIIs) sold Rs 1,454.63 crore worth of shares. Domestic Institutional Investors (DIIs) invested Rs 1,946.06 crore in shares.

Breakout Stocks to Watch Out for Today

Stock Name	CMP (Rs)	Change (%)	Volume
Emami Ltd.	363.8	5.4	11,32,460
Adani Total Gas Ltd.	930.9	4.5	11,88,457
Max Financial Services Ltd.	653.8	3.8	12,74,610
State Bank of India	525.1	0.6	34,74,017
Adani Transmission Ltd.	1,031.0	2.5	8,50,146

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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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