Top 3 breakout stocks trading below Rs 100

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

Here’s an in-depth look.

Sarla Performance Fibers Ltd 

Sarla Performance Fibers Ltd has recently demonstrated a notable volume-price breakout, accompanied by the formation of an inverted head & shoulder chart pattern on the weekly timeframe. Currently valued at Rs 63.85, the stock has experienced a significant surge in trading activity. The breakout is particularly noteworthy, supported by a robust relative strength index (RSI) trading at 72.72 on a daily basis, indicating the continuation of a new bullish trend. Trading at its 52-week high, the next level of resistance for the stock is anticipated at Rs 78. It is noteworthy that this stock has delivered an impressive return of 43.05% to investors in the last 12 months.

Sarla Performance Fibers Ltd is engaged in the manufacture and distribution of synthetic yarn.

GHCL Textiles Ltd

Shares of GHCL Textiles Ltd recently witnessed a substantial volume-rice breakout, coinciding with the breakout of a rectangle chart pattern. Presently valued at Rs 80.30, the stock has experienced heightened trading activity. The breakout is supported by a strong relative strength index (RSI) trading at an overbought level of 73, indicating the potential initiation of a positive trend. With a noteworthy return of 12.59% in the last month, the stock is exhibiting a positive trajectory.

GHCL Textiles Ltd. engages in the manufacture and sale of inorganic chemicals, yarn and ancillary materials, and home textile products.

DCW Ltd 

DCW Ltd demonstrated a notable price-volume breakout, marked by a substantial bullish candlestick pattern on Wednesday, along with an ascending triangle breakout on the weekly timeframe. The current daily relative strength index (RSI) stands at 77, signalling an ongoing uptrend in recent trading sessions. The surge in volume, coupled with the specific candlestick formation, indicates heightened trader interest. With an upper resistance breakout, the stock has experienced a 12% increase in price over the week.

DCW Ltd manufactures and markets chemicals.

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.