Price Volume breakout stocks: These stocks likely to be in focus on Monday!

The Indian benchmark equity indices, Sensex and Nifty 50, ended higher on Friday as fading expectations of a U.S. Federal Reserve rate hike this month lifted global equities and pulled bond yields lower.

Fed Governor Christopher Waller said on Thursday that he would support keeping interest rates unchanged at the U.S. central Bank’s next policy meeting if upcoming economic data confirms that inflationary pressures are easing. Meanwhile, expectations of a rate hike at the Fed’s mid-September meeting fell to around 50 per cent, from nearly 63 per cent in the previous session, according to CME FedWatch.

The Nifty 50 witnessed a steady recovery during Friday’s session, maintaining a positive bias after opening higher. The index opened at 23,910.90 and moved in a narrow range for most of the day. It touched an Intraday high of 24,005.75, briefly reclaiming the psychological 24,000 mark, before easing in the later part of the session. During the closing auction session, the index declined further and ended below the day’s low.

At close, the Nifty 50 settled at 23,897.70, gaining 24.25 points, or 0.10 per cent. The Sensex also ended in positive territory, rising 362.57 points to close at 76,515.43, snapping a four-day losing streak. Meanwhile, Bank Nifty underperformed and closed 0.02 per cent lower. India VIX plunged over 6 per cent to around the 10.6 level. On a weekly basis, the Nifty 50 declined 1.15 per cent, extending its fall for the fourth consecutive trading week.

Top 3 price-volume breakout stocks:

IFCI Ltd: IFCI Ltd is currently trading at Rs 102.17, up 6.53 per cent from the previous close of Rs 95.91. The stock touched a 52-week high of Rs 107.50, supported by a traded volume of 40.74 crore shares. The price-volume breakout and volume spike indicate increased trading activity. Returns from the 52-week low stand at 121.00 per cent, making it a multibagger return stock based on the 52-week low.

Jindal Worldwide Ltd: Jindal Worldwide Ltd is currently trading at Rs 57.78, up 20.00 per cent from the previous close of Rs 48.15. The stock touched its 52-week high of Rs 57.78, with a traded volume of 18.83 crore shares. The price-volume breakout and volume spike show higher participation during the price move. Returns from the 52-week low stand at 223.70 per cent, making it a multibagger return stock based on the 52-week low.

New India Assurance Company Ltd: New India Assurance Company Ltd is currently trading at Rs 231.00, up 18.26 per cent from the previous close of Rs 195.33. The stock touched a 52-week high of Rs 234.39, while traded volume stood at 6.69 crore shares. The price-volume breakout and volume spike indicate increased trading activity. Returns from the 52-week low stand at 97.49 per cent.

Following is a list of stocks with a strong positive breakout:

Disclaimer: The article is for informational purposes only and not investment advice.