Top 3 breakout stocks trading below Rs 100

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

Here’s an in-depth look.

Orissa Bengal Carrier Ltd

Orissa Bengal Carrier’s stock is showing strong potential based on technical analysis. It recently experienced a Price Volume Breakout and a consolidation breakout, indicating a robust bullish sentiment. The stock is currently trading above its 50-day exponential moving average, which is a positive sign.

The presence of a Bullish long-range candle further supports the idea of a potential shift from a previous sideways trend. The Relative Strength Index (RSI) at 69.62 suggests a new bullish trend, possibly signalling the beginning of an uptrend. Additionally, the observed increase in trading volume and successful range breakout add confirmation to the short-term bullish momentum.

Motherson Sumi Wiring India Ltd

Motherson Sumi Wiring India’s stock is showing promising technical signals. It recently broke out with increased trading volume and surpassed its 52-week high, signalling positive market sentiment. The stock is trading above key moving averages, indicating strength. Breaking through upper resistance further supports a bullish outlook, hinting at the start of a new uptrend.

The Relative Strength Index (RSI) at 74.38 suggests a healthy uptrend without being overbought. A notable increase in trading volume, along with a successful upthrust and Thursday’s opening, strengthens the technical position, indicating the potential for more upside after a price cooldown. However, it’s worth noting that the current stock price appears to be elevated at its 52-week high.

Punjab & Sind Bank Ltd

Punjab & Sind Bank looks set for a positive move based on its technical indicators. The recent Price Volume Breakout, coupled with breaking its 52-week high, suggests a strong upward momentum. The bounce from the 50-day EMA supports the stock’s overall strength.

The RSI at 74.29 shows a balanced trend without extreme conditions. A long green candle on Thursday signals the beginning of a potential uptrend, backed by increased market participation as seen in the volume spike. In summary, Punjab & Sind Bank seems well-positioned for a potential upward movement.

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.