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.

Pasupati Acrylon Ltd

Pasupati Acrylon Works Ltd exhibits a compelling technical setup. The stock has demonstrated a Price Volume Breakout along with an inverted head & shoulder chart pattern breakout on the weekly timeframe, 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 continuation of the previous uptrend. The Relative Strength Index (RSI) at 71.17 implies a continuation of a bullish trend, suggesting the stock might be at the start of a strong uptrend. The observed volume spike and successful breakout of consolidation add confirmation to the bullish momentum for the longer term.

TAKE Solutions Ltd

TAKE Solutions presents an intriguing technical picture on the weekly chart. The stock has witnessed a Price Volume Breakout along with a resistance breakout, reinforcing positive market sentiment. Trading above all crucial moving averages is a strong indication of the stock’s strength. The prior breakout of base and uptrend further supports the bullish outlook, suggesting a continuation of the current uptrend. The RSI at 78.01 indicates a healthy uptrend without reaching an overbought condition.

A notable volume spike, coupled with a successful volume increase on Wednesday, solidifies the technical strength and potential for further upside.

Spacenet Enterprise India Ltd

Spacenet Enterprise India portrays a promising technical scenario. The Price Volume Breakout, accompanied by base-on-base structures, suggests a renewed bullish momentum breakout again for 4th time. The price action from the breakout may reinforce the stock’s strength again. The RSI at 63.45 indicates a good strength to start a trend with favourable conditions. The presence of a Wednesday’s green candle adds a bullish trend start signal, supporting the notion of a short uptrend. The observed volume spike further validates the bullish momentum, indicating increased market participation in the stock.

Overall, Spacenet Enterprise India appears well-positioned for little upside movement with possible sudden corrective actions.

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.