Top 3 breakout stocks trading below Rs 100

These three equities gained significantly in today’s trading sessions, indicating strong bullish action.

Here’s an in-depth look.

Bank of Maharashtra Ltd

Bank of Maharashtra’s stock saw a slight increase today, closing at Rs 61.2, up 1.24% from the previous day’s close of Rs 60.45. It is trading near its 20-day Exponential Moving Average (EMA), indicating short-term strength. However, it faces resistance near its 52-week high. The Relative Strength Index (RSI) is at 57.10, suggesting moderate momentum. The stock previously experienced significant gains of 42.88% from a base pattern breakout. The level to watch is Rs 63.70, with a stop loss at Rs 55.80.

Bajaj Hindusthan Sugar Ltd

Bajaj Hindusthan Sugar’s stock closed at Rs 35, up 0.86% from the previous close of Rs 34.7. It’s currently trading around its 20-day EMA, with the potential for a breakout indicated by a narrow range. Confirmation with increased volume is essential, particularly following the formation of a mother candle on February 28. The RSI stands at 52.84, indicating neutral momentum. Watch for a breakout above Rs 36.60, with a stop loss at Rs 33.70.

Bodal Chemicals Ltd

Bodal Chemicals experienced a significant breakout today, closing at Rs 95.8, up 4.59% from the previous close of Rs 91.6. The stock broke out from a broadening symmetrical triangle pattern, accompanied by a spike in volume and a rise in RSI to 74.68, indicating strong momentum. However, caution is advised as there may be profit booking due to the sudden surge. Watch for resistance at Rs 103.85 as the stock approaches its 52-week high.

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.