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.

B.L. Kashyap & Sons Ltd

B.L. Kashyap & Sons exhibits a compelling technical setup. The stock has demonstrated a Price Volume Breakout along with a consolidation range breakout on the daily 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 79.95 implies a continuation of the bullish trend, suggesting the stock might be in continuation of a strong uptrend. The observed volume spike and successful breakout of consolidation add confirmation to the bullish momentum for the longer term.

Dolat Algotech Ltd

Dolat Algotech presents an intriguing technical picture. The stock has witnessed a Price Volume Breakout along with flag & pole formation, reinforcing positive market sentiment. Trading above all crucial moving averages is a strong indication of the stock’s strength. The prior breakout of consolidation and uptrend further supports the bullish outlook, suggesting a continuation of the current uptrend. The RSI at 73.69 indicates a healthy uptrend without reaching an overbought condition. A notable volume spike, coupled with a successful volume increase today, solidifies the technical strength and potential for further upside.

Reliance Power Ltd

Reliance Power portrays a promising technical scenario. The price bounce back, accompanied by v v-shape recovery, suggests a renewed bullish momentum. The price action from the pullback may reinforce the stock’s strength again. The RSI at 52.01 indicates a neutral strength to start the trend with favourable conditions. The presence of a Wednesday and Thursday green candle adds a bullish trend start signal, supporting the notion of a short uptrend. The observed little volume increase further validates the bullish momentum, indicating increased market participation in the stock. Overall, Reliance Power 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.