Watch out for these strong breakout stocks to trade today

On the first trading day of the month, the Nifty 50 opened higher on the back of strong global signals. In this post, watch out for strong breakout stocks to trade on Monday. 

In comparison to its Friday closing of 17,359.75, Nifty 50 began higher on Monday at 17,427.95. This was due to strong global signals. The leading Wall Street indices finished higher on Friday, as the US Fed's favoured inflation indicator indicated a lower-than-expected rise in prices.

Global Markets 

Without accounting for energy and food expenses, the core Personal Consumption Expenditures index increased by 0.3% in February. Compared to what economists had predicted (0.4%), this was lower. This most likely signifies that the US Federal Reserve will pause its rate rises.

 On Friday, Nasdaq Composite increased by 1.74%, Dow Jones Industrial Average up by 1.26%, and S&P 500 rose by 1.44%. Yet, at the time of writing, their respective futures were trading lower. On Monday, Asian market indices were trading mixed. All indices were trading in the green, except for Hong Kong's Hang Seng index and South Korea's KOSPI.

Domestic Markets

Nifty 50 was trading at 17,339.25 at 10:50 a.m., down 20.5 points or 0.12%. Frontline indices, on the other hand, underperformed broader market indices. Nifty Mid-Cap 100 index rose 0.23% and Nifty Small-Cap 100 index climbed 0.93%, respectively.

Market Statistics

The advance-decline ratio on the BSE was favourable, with 2467 stocks rising, 785 falling, and 152 staying unchanged. Except for IT, FMCG, pharma, and metal, all other sectors were trading flat to positive.

According to statistics as of March 31, both FIIs and DIIs were net purchasers. Foreign Institutional Investors (FIIs) invested Rs 357.86 crore in shares. Domestic Institutional Investors (DIIs) purchased shares worth Rs 2,479.96 crore.

Breakout Stocks to Watch Out for on Monday