Top 3 breakout stocks trading below Rs 100

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

Here’s an in-depth look.

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 97 and has seen a spurt in volume of 1.96 times. The stock price has witnessed a breakout, with the confirmation of a relative strength index at the level of 72.25, which is a bullish range for the stock to uptrend. This stock has generated 46.65% 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.

Vascon Engineers Ltd

Vascon Engineers’ stock price is on the verge of a breakout; the stock price has formed a peanut chart pattern. It is expected to be a bullish breakout as the stock is trading above the 50-day EMA channel and is likely to take support of the same. This is a promising sign that the stock is about to enter high momentum because the ADX is at the 21 level, which is showing strength in the stock price momentum. The stock volume has spiked, with an increase of 3.31 times more than the average volume, suggesting the sustenance of the uptrend. Vascon Engineers has generated more than 109.21% in returns in the last six months.

Vascon Engineers Ltd is in the construction and development of residential and non-residential properties.

NBCC (India) Ltd

NBCC’s stock witnessed a bounce back from the 50-day EMA channel, which is a promising sign for the stock price to ride a new trend. The surge of 5% in stock price resulted in strong bullishness on Tuesday. The ADX is at the 28 level, which directly indicates the momentum of the stock price, but the current trend is declining. The stock price respecting the exponential moving average is a promising sign for the stock. The stock has given multibagger returns of 65.09% over the one-year period.

NBCC (India) Ltd is engaged in real estate development, project management, and consultancy 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.