Watch out for these strong positive breakout stocks today

The Nifty 50 continued its upward trend following the Mahavir Jayanti holiday yesterday, although global cues were lacking. In this post, watch out for these strong positive breakout stocks on Wednesday.

Nifty 50 index began higher on Wednesday at 17,422.3, up from 17,398.05. Even though global cues were lacking. The leading Wall Street indices finished down on Tuesday, as new economic data showed a slowing in the labour market.

Global Markets 

Investors continue to be concerned about the state of the economy and the related future direction of interest rates. Employment opportunities decreased significantly from January's downwardly revised 10.6 million to 9.9 million in February, the lowest number since 2021. Moreover, statistics revealed that manufacturing activity fell for the fifth month in a row. In overnight trade, Nasdaq Composite declined 0.52%, Dow Jones Industrial Average fell 0.59%, and S&P 500 sank 0.58%.

Yet, at the time of writing, their respective futures were trading flat to green. Yet, Asian market indices showed a mixed performance on Wednesday. Except for Japan's Nikkei 225, all other indices were trading on a positive note. It is important to note that the Hong Kong Hang Seng and China's SSE Composite indexes are closed today due to the Ching Ming and Qingming festivals, respectively.

Domestic Markets

Nifty 50 was trading at 17,490.3 at 10:10 a.m., up 92.25 points or 0.53%. Broader market indices fared mixed when compared to frontline indices. Nifty Mid-Cap 100 index fell 0.23%, while Nifty Small-Cap 100 index rose 0.59%.

Market Statistics   

The advance-decline ratio on the BSE was favourable, with 2227 stocks rising, 829 falling, and 112 staying unchanged. Except for PSU banks, automobiles, and metal, all other sectors were trading in the positive zone.

FIIs were net purchasers, while DIIs were net sellers, according to statistics as of April 3. Foreign Institutional Investors (FIIs) invested Rs 321.93 crore in shares. DIIs (Domestic Institutional Investors) sold shares worth Rs 328.24 crore.

Breakout Stocks to Watch Out for Today