Top 3 breakout stocks trading below Rs 100

These three equities gained significantly during Friday’s trading sessions, indicating strong bullish action.

Here’s an in-depth look.

MEP Infrastructure Developers Ltd

MEP Infrastructure Developers exhibits a compelling technical setup. The stock has demonstrated a Price Volume Breakout along with a consolidation range breakout on the daily timeframe and the formation of a rounding bottom on the weekly chart, signifying a strong bullish sentiment. Furthermore, it is currently trading above all key moving averages, reinforcing the positive outlook. The presence of a Bullish long-range candle adds to the bullish signals, indicating a potential continuation of the previous uptrend. The Relative Strength Index (RSI) at 80.38 implies a continuation of the bullish trend, suggesting the stock might be in continuation of a strong uptrend. The observed volume spike and successful breakout of consolidation add confirmation to the bullish momentum for the longer term.

Hindustan Construction Company Ltd

Hindustan Construction Company presents an intriguing technical picture. The stock has witnessed a Price Volume surge along with flag & pole formation, reinforcing positive market sentiment. Trading above all crucial moving averages is a strong indication of the stock’s strength. The prior breakout of the rising channel and uptrend further supports the bullish outlook, suggesting a continuation of the current uptrend. The RSI at 69.46 indicates a healthy uptrend without reaching an overbought condition. A notable volume spike, coupled with a successful volume increase today, solidifies the technical strength and potential for further upside.

Jaiprakash Associates Ltd

Jaiprakash Associates portrays a promising technical scenario. The Price bounce back, accompanied by the 50-day EMA, suggests a renewed bullish momentum. The price breakout from a broadening wedge or syphoning pattern may reinforce the stock’s strength again. The RSI at 70.73 indicates a bullish strength to start a trend with favourable conditions. The presence of a Friday and Thursday trading candle adds a bullish trend start signal, supporting the notion of a short uptrend. The observed little volume increase further validates the bullish momentum, indicating increased market participation in the stock. Overall, the stock appears well-positioned for little upside movement with possible sudden corrective actions.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.