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.

Manaksia Coated Metals & Industries Ltd

Manaksia Coated Metals & Industries exhibits a compelling technical setup. The stock has demonstrated an indication of a Price Volume Breakout along with a breakout of consolidation and bounce from the trendline on a daily timeframe, signifying a strong bullish sentiment. Furthermore, it trades above all key moving averages, reinforcing the positive outlook.

The presence of a Bullish green candle adds to the bullish signals, indicating a potential change in the previous sideways trend after the 52-week breakout. The Relative Strength Index (RSI) at 71.71 suggest the bullish strength for the trend. The observed volume spike and successful bounce back from the lower trendline of channel confirmation to the bullish momentum for the longer term.

Virinchi Ltd

Virinchi Ltd presents an intriguing technical picture. The stock has witnessed a Price surge along with breaching the upper trendline of the rising channel, reinforcing positive market sentiment. Trading above all crucial moving averages is a strong indication of the stock’s strength. The stock is trading in a rising channel and has seen a rise in volume, the move is suggesting a continuation of the current uptrend.

The RSI at 66.14 indicates a healthy uptrend without reaching an overbought condition. A notable volume rise and a green candle breaking its prior high solidified the technical strength and potential for further upside. The stock price has already shown a strong move in alternative trading sessions, currently, the stock price is reflecting the same thing.

AYM Syntex Ltd

AYM Syntex portrays a promising technical scenario. The Price bounce back, accompanied by the support level, suggests a renewed bullish momentum. The price volume breakout from support may reinforce the stock’s strength again. The RSI at 65.97 indicates a neutral strength to start a new fresh trend with favourable conditions. The presence of today’s volume adds to the bullish signals pullback on the day suggesting a strong uptrend. At these levels, the stock already traded with good volumes and it may further trigger in stock price if the price continues to move up. Overall, the stock 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.