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.

Nectar Lifesciences Ltd

Nectar Lifesciences exhibits a compelling technical setup. The stock has demonstrated an indication of a Price Volume Breakout along with a bounce back from the support level on the daily timeframe, 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 change in the previous sideways trend after the 52-week high breakout. The Relative Strength Index (RSI) at 73.79 suggest the bullish strength for the trend. The observed volume spike and successful bounce back from the lower trendline of channel confirmation to the bullish momentum for the longer term.

MIC Electronics Ltd

MIC Electronics India presents an intriguing technical picture. The stock has witnessed a Price surge along with a bounce back from a crucial level, reinforcing positive market sentiment. Trading above all crucial moving averages is a strong indication of the stock’s strength. The prior breakout of consolidation further supports the bullish outlook, suggesting a continuation of the current uptrend. The RSI at 75.65 indicates a healthy uptrend without reaching an overbought condition. A notable volume spike and candle in the next session may add confirmation to the trend, solidifying the technical strength and potential for further upside as it is an indication for a strong uptrend as the price locked into the upper circuit today.

Bodal Chemicals Ltd

Bodal Chemicals portrays a promising technical scenario. The price bounce back, accompanied by the support level, suggests a renewed bullish momentum. The price volume breakout from support may reinforce the stock’s strength again. The RSI at 50.80 indicates a neutral strength to start a new fresh trend with favourable conditions. The presence of today’s volume doesn’t add any bullish signal but a pullback on the day suggests a short uptrend. At these levels, the stock already traded with good volumes and it may further trigger in stock price if the price continues to move up. 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.