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.

Vascon Engineers Ltd

Vascon Engineers Ltd exhibits a compelling technical setup. The stock has demonstrated a Price Volume Breakout, signifying a strong bullish sentiment. Furthermore, it is currently trading above all key moving averages, reinforcing the positive outlook. The presence of a Bullish long-range candle adds to the bullish signals, indicating a potential reversal in the previous downtrend. The Relative Strength Index (RSI) at 65.74 implies a start of a bullish trend, suggesting the stock might be in a strong uptrend. The observed volume spike and successful bounce from the 50-day Exponential Moving Average (EMA) and a robust support level add confirmation to the bullish momentum.

Bank of Maharashtra

Bank of Maharashtra presents an intriguing technical picture. The stock has witnessed a Price Volume Breakout along with a breach of an all-time high, reinforcing positive market sentiment. Trading above all crucial moving averages is a strong indication of the stock’s strength. The rising channel chart pattern breakout further supports the bullish outlook, suggesting a continuation of the current uptrend. The RSI at 72.52 indicates a healthy uptrend without reaching an extreme overbought condition. A notable volume spike, coupled with a successful bounce from the 50-day EMA and strong support, solidifies the technical strength and potential for further upside.

South Indian Bank Ltd

South Indian Bank Ltd portrays a promising technical scenario. The Price Volume Breakout, accompanied by a retest of the ascending triangle breakout, suggests a renewed bullish momentum. The bounce from the 20-day EMA in the short term reinforces the stock’s strength. The RSI at 71.17 indicates a balanced trend without extreme conditions. The presence of today’s long-range candle adds a bullish continuation signal, supporting the notion of a potential uptrend. The observed volume spike further validates the bullish momentum, indicating increased market participation in the stock. Overall, South Indian Bank Ltd appears well-positioned for potential upside 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.