Top 3 breakout stocks trading below Rs 100 – 23rd November

These 3 stocks have shown substantial gains in Thursday’s trading sessions, indicating strong bullish activity.

Here’s an in-depth look.

1. Confidence Petroleum India Ltd

Confidence Petroleum India has given an inverted head and shoulder chart pattern breakout on the daily timeframe. The stock is currently trading at Rs 91 and has seen a spurt in volume of 6.96 times. The stock price has witnessed a breakout, with the confirmation of a relative strength index at the level of 66.20, which is a bullish range for the stock to uptrend. This stock has generated 34.70% of returns for its investors over the 6-month time period.

Confidence Petroleum India Ltd is engaged in the manufacturing and marketing of liquefied petroleum gas (LPG) cylinders.

2. Snowman Logistics Ltd

Snowman Logistics stock price has given a 52-week breakout and touched its multi-year high on Thursday. This breakout is further confirmed by the Relative Strength Index, which has entered the bullish range of 65 to 80. This is a promising sign that the stock is about to enter high momentum, and traders may show interest in this particular stock. The stock volume has spiked, with an increase of 5.56 times more than the average volume, suggesting the sustenance of the uptrend. Snowman Logistics has generated more than 65.36% in returns in the last six months.

Snowman Logistics Ltd is in the provision of integrated cold chain solutions.

3. Arihant Capital Markets Ltd 

Arihant Capital Markets stock witnessed a range breakout, bouncing from the 50-day EMA. The surge of 5% in stock price resulted in strong bullishness on Thursday. The stock has witnessed rising volume for the last three consecutive days, higher than the daily average. The stock price is about to show a strong up move, with heavy buying confirming the volume build-up. The stock price respecting the exponential moving average is a promising sign for the stock. The stock has given multibagger returns of 100% over the one-year period.

Arihant Capital Markets Ltd is a holding company, which is in the provision of financial services.

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.