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.

Indbank Merchant Banking Services Ltd

The stock of Indbank Merchant Banking Services Ltd is showing promising signs of an upward movement. Today, it experienced a significant price volume breakout, with the price hitting a high of Rs 56.40, a 52-week high. This breakout was supported by a notable volume spike, indicating strong buying interest.

Moreover, the stock bounced back from its 50-day Exponential Moving Average (EMA), further solidifying its bullish momentum. The Relative Strength Index (RSI) stands at 64.58, suggesting that the stock is neither overbought nor oversold. Previously, it had gained a substantial 42.88% from its base pattern breakout, showcasing its potential for further growth.

Vardhman Polytex Ltd

Vardhman Polytex Ltd. continues to exhibit positive momentum, as it trades above its 50-day EMA and around its 20-day EMA. Today, it witnessed a symmetrical triangle breakout, accompanied by a price volume breakout, indicating strong bullish sentiment. The RSI is remarkably high at 57.72, reflecting intense buying pressure.

Additionally, there was a significant volume spike, further supporting the breakout. The stock also reached a 52-week high, affirming its bullish trend. These factors combined suggest a favourable outlook for Vardhman Polytex Ltd., with the potential for further upward movement.

HLV Ltd

HLV Ltd showed resilience today, bouncing back from minor support levels. A bullish engulfing candlestick pattern formed, signalling a potential reversal of the downtrend. The RSI is at 43.06, indicating that the stock is neither overbought nor oversold, offering room for further upside. Moreover, there was a notable volume breakout, with volume rising sharply, indicating increased buying interest. However, the stock faces resistance at Rs 31.40, which may impede its immediate upward movement. Despite this, the overall technical indicators suggest a positive outlook for HLV Ltd in the near term.

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.