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Top 3 breakout stocks trading below Rs 100

29 February 20244 mins read by Angel One
Lloyds Engineering Works, Ind Swift and Suzlon Energy below Rs 100 have given price and volume breakout, reinforcing their positive trajectory.
Top 3 breakout stocks trading below Rs 100
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These three equities gained significantly during Thursday’s trading sessions, indicating strong bullish action.

Here’s an in-depth look.

Lloyds Engineering Works Ltd

Today, Lloyds Engineering Works saw a promising green candlestick, indicating bullish sentiment among investors. The stock exhibited a notable breakout with strong volume, suggesting heightened buying activity. Furthermore, it formed a flag-like structure breakout pattern, potentially signalling a continuation of the uptrend. However, it encountered resistance near its 52-week high, a critical level to monitor for further price action. The Relative Strength Index (RSI) currently stands at 62.37, indicating a moderately overbought condition. Notably, the stock found support at the 20-day Exponential Moving Average (EMA), reflecting a bounce from short-term support. Moreover, there was a significant volume spike observed, further supporting the bullish bias in the stock’s movement.

Ind-Swift Ltd

Ind Swift Ltd exhibited strength by trading above its 20-day EMA, indicating positive momentum in the stock’s price. The breakout with increased volume suggests strong buying interest and validates the price movement.

Additionally, the Narrow Range breakout pattern further confirms the uptrend continuation potential. The RSI at 65.22 indicates that the stock is moderately overbought, reflecting the recent bullish momentum. Furthermore, the notable volume spike reinforces the breakout and suggests further upside potential.

Suzlon Energy Ltd

Suzlon Energy demonstrated robust movement, rebounding strongly from both its 50-day EMA and trendline support, indicating resilience in the stock’s price action. The RSI at 51.93 suggests neutral sentiment, indicating balanced buying and selling pressure. Moreover, the price volume breakout accompanied by a significant volume spike suggests renewed buying interest in the stock. These combined factors indicate the potential for a bullish continuation in Suzlon Energy’s price movement.

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.

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