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.

Hindustan Construction Ltd 

Hindustan Construction has recently demonstrated a notable volume-price breakout, accompanied by a 52-week high breakout. Currently valued at Rs 34.90, 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 70.15 on a daily basis, indicating the continuation of a new bullish trend. Trading at its 5-year high, the next level of resistance for the stock is at Rs 40. It is noteworthy that this stock has delivered an impressive return of 70.59% to investors in the last 6 months.

Hindustan Construction Co Ltd is a holding company, which engages in the provision of engineering and construction services.

IDFC First Bank Ltd

IDFC First Bank has recently witnessed a substantial price bounce back, coinciding with the pullback from strong support with morning star candlestick formation. Presently valued at Rs 86.65, the stock has experienced heightened trading activity after forming the doji candle yesterday. The price action is supported by a neutral relative strength index (RSI) trading at an overbought level of 48.99, indicating the potential initiation of a positive trend. With a noteworthy return of 45.30% in the last year, the stock is exhibiting a positive trajectory.

IDFC First Bank Ltd engages in the provision of financial and banking solutions.

Rama Steel Tubes Ltd

Rama Steel Tubes’ stock has demonstrated a notable price-volume breakout, marked by a substantial bullish activity on Thursday, along with prior high and resistance breakout on the daily timeframe. The current daily relative strength index (RSI) stands at 70.99, 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 an 8% increase in price over the day.

Rama Steel Tubes Ltd engages in the manufacture and trade of steel pipes.

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.