Top 3 breakout stocks trading below Rs 100

These 3 stocks have shown substantial gains in Tuesday’s trading session, indicating strong bullish activity.

Here’s an in-depth look.

Spencer’s Retail Ltd 

Spencer’s Retail has given a volume price breakout on the day chart with the formation of a rounding bottom chart pattern. The stock is currently trading at Rs 87.80 and has seen rising volume since the last few sessions. The stock price has witnessed a 52-week, multi-year breakout supported by a strong relative strength index. Recently, stock prices have also witnessed an EMA golden cross. This stock has generated 44.45% of maximum returns for its investors over the 6 months.

Spencer’s Retail Ltd owns and operates retail stores. The firm provides food products, personal care, electronics and electrical products, fashion and accessories.

IDFC First Bank Ltd

IDFC First Bank’s stock price has given a price volume breakout by breaking its prior high on Tuesday. The Relative Strength Index of this chart is trading at the 61 level, and the price just crossed the 50-day EMA. This is a promising sign that the stock is rising again, according to its trendlines, and traders are showing interest in this particular stock. A few sessions ago, the stock price bounced from its 150-day EMA trendline, suggesting the sustenance of the uptrend. IDFC First Bank has generated more than 144.38% returns over 5 years.

IDFC First Bank Ltd is in the provision of financial and banking solutions.

Indian Overseas Bank

Indian Overseas Bank’s stock broke its prior high with volume on Tuesday. The stock price has bounced from the 50-day EMA for the third time, showing that it is respecting the technical levels. The stock has witnessed rising volumes for the last 3 days, more than the daily average. The stock price is showing a strong up move with normal buying, with the Relative Strength Index up trending and trading at the level of 62.05, which is a mild-bullish zone to trade for a stock price. The stock has given 83.48% returns in a year. 

Indian Overseas Bank is engaged in the provision of commercial banking services.

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.