Positive Breakout Stocks: Bajaj Finserv To Cyient, 11 Stocks To Buy This Week; Time To Add?

For the third straight week, the Indian benchmark indices, the Sensex and Nifty50, have continued to rise, setting new records. The Sensex rose 1.58% to close the week at 82,365.77 while Nifty50 gained 1.66% to close at 25,235.90 driven by strong inflows from foreign institutional investors (FIIs) and strengthened through rising global sentiment, which was supported by better-than-expected-U.S.-economic data and growing expectation of a U.S. interest rate cut in the upcoming September meeting. India VIX closed at 13.39, down 2.86% from 13.78. Although there was a minor oscillation, the VIX stayed below 15 for the whole week, bolstering the "Buy on Dips" approach and providing support for a bull market.

Nifty Prediction

Technically, on the daily scale, the index has witnessed a breakout of a rounding bottom pattern, indicating strength. Based on this breakout, the index could advance towards the 25,500 levels in the short term. If the index sustains above 25,500, Nifty could head towards the 26,000-26,250 levels, which is the target of the rounding bottom pattern. On the downside, the 9-Day Exponential Moving Average (DEMA), positioned near 24,950, will act as immediate support for the Nifty in the short term. As long as the index remains above 24,950, a 'buy on dips' strategy should be adopted, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Prediction

Technically, on a daily chart, the index managed to remain above the trend line support and is currently standing firmly above 21- Day Exponential Moving Average (DEMA), which is near 50,950 levels. As long as the index remains over 50,950, a 'buy on dips' strategy is recommended. On the upside, the rally might extend to 51,800-52,000 levels, as per Hrishikesh Yedve.

Top 11 Positive Breakout Stocks For Tomorrow

Aditya Gaggar, Director of Progressive Shares has recommended the below breakout stocks buy and add for healthy upside.

Accelya Solutions India Ltd

CMP: Rs1757, Target 1: Rs2167, Target 2: Rs2577

• The stock has already given a Rounding Bottom pattern breakout and has completed its pullback move.
• 12MMA (Monthly Moving Average) is acting as a strong support.
• A reading of 32 in ADX suggests the presence of a strong trend.
• As per the pattern breakout, the target is Rs2577.
• One can add the stock on declines up to Rs1670.

Advanced Enzyme Technologies Ltd

CMP: Rs446, Target 1: Rs601, Target 2: Rs717

• Cup and Handle Pattern breakout is witnessed in the stock.
• Price breakout is confirmed with a trendline breakout in the RSI.
• A reading of 26.52 in ADX indicates presence of a strong trend.
• As per the pattern breakout, the target is Rs717.
• One can add the stock on declines up to Rs430.

Bajaj Finserv Ltd

CMP: Rs1783, Target 1: Rs2141, Target 2: Rs2500

• A Symmetrical Triangle Formation breakout is witnessed in the stock.
• Price breakout is confirmed with a trendline breakout in the RSI.
• MACD has given a positive crossover.
• As per the pattern breakout, the target is Rs2500.
• One can add the stock on declines up to Rs1700.

Bannari Amman Spinning Mills Ltd

CMP: Rs62, Target 1: Rs75, Target 2: Rs89

• The stock has already given a breakout from Symmetrical Triangle Formation and recently completed its pullback move.
• Price breakout was confirmed with a trendline breakout in the RSI and an uptick in Volumes.
• As per the pattern breakout, the target is Rs89.
• One can add the stock on declines up to Rs57.

Bharat Wire Ropes Ltd

CMP: Rs286, Target 1: Rs411, Target 2: Rs536

• Flag and Pole Formation breakout is spotted in the stock.
• Leading indicator RSI has bounced from its long-term trendline support.
• ADX (48.97) indicates the presence of an extremely strong uptrend.
• As per the pattern breakout, the target is Rs536.
• One can add the stock on declines up to Rs273.

Cyient Ltd

CMP: Rs1977, Target 1: Rs2683, Target 2: Rs3390

• The stock has given breakout from a bullish continuation pattern i.e. Flag and Pole Formation.
• An uptick in Volume validates price activity.
• ADX (57.45) indicates the presence of an extremely strong uptrend.
• As per the pattern breakout, the target is Rs3390.
• One can add the stock on declines up to Rs1925.

Dalmia Bharat Sugar and Industries Ltd

CMP: Rs468, Target 1: Rs605, Target 2: Rs742

• The stock has given breakout from a bullish a Symmetrical Triangle Formation.
• A long-term trendline breakout in the RSI and an uptick in Volume validates price activity.
• Both MACD and ADX have given a positive crossover.
• As per the pattern breakout, the target is Rs742.
• One can add the stock on declines up to Rs450.

Excel Industries Ltd

CMP: Rs1511, Target 1: Rs2039, Target 2: Rs2567

• Consolidation of 6 years ended with a Symmetrical Triangle Formation breakout.
• Price breakout was confirmed with a trendline breakout in the RSI and an upsurge in Volume.
• MACD has already given a positive crossover.
• As per the pattern breakout, the target is Rs2567.
• One can add the stock on declines up to Rs1440.

GHCL Ltd

CMP: Rs698, Target 1: Rs889, Target 2: Rs1080

• The stock has given breakout from a bullish Flag and Pole Formation.
• Price breakout was confirmed with a trendline breakout in the RSI and an upsurge in Volume.
• ADX and MACD have given a positive crossover.
• As per the pattern breakout, the target is Rs1080.
• One can add the stock on declines up to Rs650.

Kitex Garments Ltd

CMP: Rs367, Target 1: Rs460, Target 2: Rs553

• Congestion of over 6 years ended with a Symmetrical Triangle Pattern breakout.
• A long-term trendline breakout was witnessed in RSI while highest ever Volume was registered during the month.
• A reading of 23 in ADX indicates the beginning of a new trend.
• As per the pattern breakout, the target is Rs553.
• One can add the stock on declines up to Rs335.

Sequent Scientific Ltd

CMP: Rs164, Target 1: Rs206, Target 2: Rs248

• The stock has ended its consolidation of over 2 years with a Cup and Handle Formation breakout.
• Leading oscillator RSI has given a long-term trendline breakout.
• The stock has surpassed its 50MMA (Monthly Moving Average) (Blue Line) which earlier acted as a stiff hurdle.
• As per the pattern breakout, the target is Rs248.
• One can add the stock on declines up to Rs155.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.