Watch out for these strong breakout stocks today

Nifty 50 began the week higher due to strong global trends. In this post, watch out for strong breakout stocks on Monday.

In comparison to its Thursday closing of 17,599.15, the Nifty 50 started higher on Monday at 17,634.9. This was due to strong global signals. The latest report on jobless claims showed that the labour market may finally be cooling, which helped leading Wall Street indices conclude the week higher.

Global Markets

On a seasonally adjusted basis, jobless claims totalled 228,000 last week. It was less than the 246,000 from the prior week. Investors remain confident that recent pressures in the banking sector will not lead to a big catastrophe, and they are encouraged by signals that the US Federal Reserve may be nearing the end of its rate-hiking cycle.

On Thursday, Nasdaq Composite increased by 0.76%, Dow Jones Industrial Average rose by 0.007%, and S&P 500 gained by 0.36%. Yet, at the time of writing, their respective futures were trading in the red. On Monday, Asian market indices performed mixed. Apart from Australia's S&P ASX 200 index and China's SSE Composite index, all were trading in the positive zone.

Domestic Markets

Nifty 50 was trading at 17,627.05 at 11:05 a.m., up 27.9 points or 0.16%. Broader market indices, on the other hand, fared mixed when compared to frontline indices. Nifty Mid-Cap 100 index rose by 0.23% and Nifty Small-Cap 100 index increased by 0.01%.

Market Statistics

The advance-decline ratio on the BSE was positive, with 1920 stocks rising, 1398 falling, and 151 staying unchanged. Except for banks, financial services, and FMCG, all other sectors are in positive territory.

FIIs were net purchasers, while DIIs were net sellers, according to statistics as of April 6. Foreign Institutional Investors (FIIs) invested Rs 475.81 crore in shares. DIIs (Domestic Institutional Investors) sold shares worth Rs 997.08 crore.

Breakout Stocks to Watch Out for on Monday