These stocks are experiencing a solid price volume breakout

On the final trading day of the week, Nifty 50 began higher on the back of strong global trends. In this post, we have highlighted the top stocks that are experiencing a solid price volume breakout.

The Nifty 50 index began higher on Friday at 17,721.75 compared to its previous closing of 17,610.4. This was due to strong global cues. Leading Wall Street indices closed in the green on Thursday, boosted by giant tech giants like Meta, after stricter cost controls and a USD 40 billion share buyback.

Global Markets 

In overnight trade, Nasdaq Composite rose 3.25%, Dow Jones Industrial Average dipped 0.11%, and S&P 500 rose 1.47%. However, at the time of writing, their futures were trading flat to negative due to dismal earnings from major technology companies.

On Friday, Asian market indices were mixed, with most of the Asian indices trading in green. China’s SSE Composite index and Hong Kong’s Hang Seng index, on the flip side, were trading in the red.

Domestic Markets

Nifty 50 was trading at 17,621.65 at 11:10 a.m., up 11.25 points or 0.06% from its previous close. Frontline indices, on the other hand, outpaced broader market indices. Nifty Mid-Cap 100 index fell 1.41% and Nifty Small-Cap 100 index was down 1.13%.

Market Stats

The advance-decline ratio on the BSE was poor, with 869 stocks rising, 2397 falling, and 126 staying unchanged. Apart from banking and financial services, all other sectors were in the red.

FIIs were net sellers, while DIIs were net purchasers, according to statistics as of February 2. Foreign Institutional Investors (FIIs) sold Rs 3,065.35 crore worth of shares. Domestic Institutional Investors (DIIs) invested Rs 2,371.36 crore in shares.

Market Technicals

Despite a healthy budget, the market remains volatile. It appears to have found strong support around its 200-Day Exponential Moving Average (EMA), although it is still trading below its 20 and 50-Day EMAs. Furthermore, unlike the 200-Day EMA, the 20 and 50-Day EMAs are going lower. This shows that the long-term market trend is bullish, while the medium- and short-term trends are bearish. Although the India VIX appears to have levelled down, it is still wise to adopt a stock-specific approach.

Watch Out for These Breakout Stocks