Watch out for these strong breakout stocks today

Nifty 50 opened flat on Thursday amid mixed global cues. In this article, watch out for strong breakout stocks to invest in on Thursday.

Nifty 50 opened flat on the day of weekly expiry at 16,994.65 as against its previous close of 16,972.15. This was a result of mixed global cues. Key Wall Street indices ended mixed on Wednesday as investors fled to the relative safety of the US Treasury market.

Global Markets

Credit Suisse led a rout in European banking shares and the US stocks before speculation that Swiss regulators might shore up the bank stoked a rebound. Credit Suisse is likely to borrow $54bn from the Swiss National Bank.

Nasdaq Composite was up 0.05%, Dow Jones Industrial Average plummeted 0.87%, and S&P 500 declined 0.7%, in overnight trade. However, their respective futures were trading in the green at the time of writing. Tracking the overnight cues for Wall Street, Asian market indices on Monday were mostly trading lower. Apart from Australia’s S&P ASX 200 index, all others were trading in the red.

Domestic Markets 

At 10:15 a.m., Nifty 50 was trading at 16,873.7, down by 98.45 points or 0.58%. Broader market indices, on the other hand, underperformed frontline indices. Nifty Mid-Cap 100 index and Nifty Small-Cap 100 index lost 0.87% and 1.19%, respectively.

Market Statistics

On BSE, the advance-decline ratio was negative with 728 stocks advancing, 2304 declining, and 97 remaining unchanged. On the sectoral front, apart from media, FMCG and pharma, all other sectors were trading in the red.

According to the data as on March 15, FIIs were net sellers and DIIs were net buyers. Foreign Institutional Investors (FIIs) sold shares to the tune of Rs 1,271.25 crore. Domestic Institutional Investors (DIIs) bought shares worth Rs 1,823.94 crore.

Breakout Stocks to Watch Out for Today