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.

Sadhana Nitro Chem Ltd

Sadhana Nitro Chem Ltd has shown a significant bounce back from its 52-week low, currently trading at Rs 76.45, up by 7.37% from the previous close. It has faced resistance at Rs 84 and Rs 95, indicating potential challenges ahead. The Relative Strength Index (RSI) is at 44.61, suggesting a neutral sentiment. Despite a decline since listing, the stock has formed a peak and is now struggling to maintain momentum. Investors should keep an eye on the bounce-back level at Rs 68 for potential support.

Vardhman Polytex Ltd

Trading above its 50-day Exponential Moving Average (EMA) and around the 20-day EMA, Vardhman Polytex Ltd has seen a symmetrical triangle breakout, currently trading at Rs 78.85, up by 4.02%. The RSI at 75.88 indicates overbought conditions, and a volume spike confirms the breakout. However, investors should watch out for potential resistance as it approaches its 52-week high.

Infibeam Avenues Ltd

With a price volume breakout and symmetrical triangle breakout, Infibeam Avenues Ltd is showing strength, currently trading at Rs 37.8, up by 2.02%. The RSI is at 81.81, suggesting overbought conditions. Previous gains of 72.03% indicate strong momentum. Investors should consider a breakout level of Rs 40.00 with a stop loss at Rs 33.00 but should also be cautious of potential resistance at the 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.