A solid potential breakout is seen in these two stocks; do you hold them?
On mixed global trends, the Nifty 50 opened flat. Two stocks with a solid chance of breaking out have been listed in this article.
On mixed global cues, Nifty 50 opened flat at 17,598.4. Key Wall Street indices mostly finished in the green. This might be attributed to the late surge, which helped indices cover some losses and end a four-session losing run.
Nasdaq Composite dipped 0.26 per cent, while Dow Jones climbed 0.46 per cent and the S&P 500 gained 0.3 per cent. Nonetheless, Dow futures and Nasdaq 100 futures were subdued at the time of writing.
Furthermore, all eyes are on the monthly nonfarm payroll data, which is set to be announced on Friday. The non-farm payroll figures would provide a rough notion of the Fed's next action.
Asian markets were neutral ahead of the US employment report, which was due later in the day. Furthermore, markets were jolted overnight when China imposed a new Covid-19 lockdown.
Nifty 50 was trading at 17,564.65, up 21.85 points (0.12 per cent) at the time of writing. Frontline indices were underperforming broader market indices. Nifty Mid-Cap 100 index was up 0.37 per cent, while Nifty Small-Cap 100 index was up 0.41 per cent.
The advance-decline ratio seemed to be modest. Around 1,897 stocks were rising, 1,394 were falling, and 154 stay unchanged. Automobile, FMCG, and reality were the Top Gainers, while IT, banking, and pharma were the biggest losers.
FIIs were net sellers, while DIIs were net buyers, according to preliminary statistics as of September 1. Foreign institutional investors (FII) sold shares worth Rs 2,290.31 crore. Domestic Institutional Investors (DII) purchased shares for Rs 951.13 crore.