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.

Allcargo Terminals Ltd 

Shares of Allcargo Terminals experienced a notable volume price breakout, coupled with a range breakout. Currently priced at Rs 63.90, the stock has witnessed a substantial surge in trading activity today. The breakthrough is particularly significant, supported by a robust relative strength index (RSI) trading at 76, signalling the initiation of a new bullish trend. Given that the stock is trading at an all-time high, the next level of resistance remains uncertain. Notably, this stock has yielded a remarkable 40% return for investors over the past year.

Allcargo Terminals Ltd is involved in the operation of container freight stations and inland container depots.

Sagardeep Alloys Ltd 

Sagardeep Alloys has recently experienced a notable volume price breakout alongside a breakout from its 52-week high. Currently priced at Rs 37, the stock has witnessed heightened trading activity in recent days. This breakthrough is underscored by a robust relative strength index (RSI) trading at an overbought level of 86, indicating the potential initiation of a positive trend.

The stock’s impressive performance includes a breach of a significant milestone, with the next resistance level identified at Rs 40. This level is perceived as a potential target for the ongoing breakout. Over the past year, the stock has delivered a noteworthy return of 23.40%, further highlighting its positive trajectory.

Sagardeep Alloys Ltd engages in the manufacture and supply of copper products.

Reliance Power Ltd.

Shares of Reliance Power exhibited a notable price volume breakout accompanied by a substantial bullish candlestick pattern on Wednesday. The current relative strength index (RSI) stands at 68, indicative of an ongoing uptrend in recent trading sessions. This signals a positive momentum and suggests an upward trajectory for the stock.

The surge in volume and the specific candlestick formation point to heightened trader interest. The stock’s price has recently stabilized, and the observed price volume breakout has successfully breached the upper resistance level, reflecting a significant bullish move. Consequently, the stock has experienced an 8% increase in price following this breakout.

Reliance Power Ltd. develops, constructs and operates power projects both in India and internationally.

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.