Possible Breakout Stocks To Watchout For Today: 14 September 2022

Nifty is on a strong momentum to the upside, and almost every sector is on a positive move. Many stocks are in the extremely overbought zone, and many stocks are in the zone where there is a possibility of positive momentum.

However, to increase the possibility for a good positive momentum, the overall markets should be in bullish sentiment. So, here are some of the stocks that are on the verge of a positive breakout and can give a good upside move today.

Ultratech Cement

The stock is on a clear uptrend in the larger and smaller time frame and has strong upside momentum with a good volume. Here are some of the bullish and bearish indicators on the chart of the stock in the 15 minutes time frame:

• The price has given a breakout to 200 moving average in recent trading sessions.
• The price is making a perfect pennant chart pattern.
• The RSI is above 50 and moving to the upside.
• According to Elliot's wave theory, the price is on the 4th wave, and the 5th wave might be for the upside.
• The overall global markets look very bearish, affecting Indian markets.

Biocon

The stock has shown a reversal from a sharp downfall in the larger time frame, and the stock is on an uptrend in the smaller time frame. Here are some of the bullish and bearish indicators on the chart of the stock in the 15 minutes time frame:
• The RSI is on 63, and it is moving to the upside.
• The price has given a breakout to 200 moving average in recent trading sessions.
• The price of the stock is making an ascending triangle pattern.
• The price of the stock is making a cup handle pattern.
• Bearish sentiments on the Indian market can lead to a fall of a stock.

Indian Energy Exchange

The stock is still on the downtrend after its sharp downfall in the larger time frame; however, the stock is showing strong momentum to upside in the smaller time frame. Here are some of the bullish and bearish indicators on the chart of the stock in the 15 minutes time frame:
• The RSI is below 40, and it is above the oversold zone.
• The price has given a breakout to 200 moving average in recent trading sessions.
• The price has given a breakout from a strong resistance and retesting it.
• The price is making an inverted head & shoulders kind of pattern.