3 Breakout Stocks to Keep on Radar!

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As the markets turned bullish for the last three trading sessions, resuming the bull run, many individual counters are showing a higher relative strength. One of the best ways to filter out these potential outperformers is to catch them when they break above a key resistance level. In that vein, here are three stocks that have delivered a decent breakout in today’s session.

Coffee Day Enterprises Limited 

Coffee Day Enterprises Ltd (NS:) operates Cafe Coffee Day stores and has a market capitalization of INR 983 crores. It is one of the highly volatile stocks with 4.01 times more volatility than the index. After falling consistently from mid-September 2022, today, the share price of Coffee Day broke above the falling trendline resistance with ease.

Image Description: Daily chart of Coffee Day with volume bars at the bottom

Image Source: Investing.com

The volume for the day was recorded at 9.2 million shares which is the highest one-day volume in over 2 months. The bullish view would strengthen once the stock surges past the previous peak of INR 54.9. From the CMP of INR 52.25, the rally could stretch to the nearest level of INR 60.

Apollo Hospital Enterprise Limited

Apollo Hospitals Enterprises Ltd. (NS:) is a hospital chain with a market capitalization of INR 66,215 crores. The stock has already been in a strong uptrend for the last many months and today, the trend just accelerated with a massive triangle breakout on the daily charts. The stock rose above the resistance of Ascending triangle pattern and comfortably closed 4.5% up at INR 4,815.05.

Daily chart of Apollo Hospital with volume bars at the bottom

Image Description: Daily chart of Apollo Hospital with volume bars at the bottom

Image Source: Investing.com

The breakout was also backed by a volume expansion of 1.81 million shares, however, a bit more of it would have been preferred. The stock might retrace back to the breakout level of INR 4,600 but that won’t change the trend as it’s normal to retest the breakout level. On the upside, a level of INR 5,200 could be on the screen in the next few weeks.

Birlasoft Limited

The last stock on the list is Birlasoft Ltd (NS:) which is a technology company engaged in computer programming, consultancy, and related activities, having a market capitalization of INR 7,590 crores. The stock is attempting a bottom reversal having taken a heavy beating over the last many months.

Daily chart of Birlasoft with volume bars at the bottom

Image Description: Daily chart of Birlasoft with volume bars at the bottom

Image Source: Investing.com

Today, the stock surged 5% to INR 292.3 and cleared a resistance of INR 288 – INR 290. Also, the stock broke above the falling trendline which makes it a good candidate for high upside potential. A rally till INR 310 seems quite achievable in the near future. A downside in this counter seems quite less considering a good base formation at the bottom.



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