These 5 stocks are indicating positive breakout on charts. Do you own any?

The stock of Asian Paints has broken out of the resistance of Rs 3,000 levels with the up move indicating a rally towards Rs 3,150 to Rs 3,300 levels.

The US Federal Reserve's surprise hawkish shift last week has left investor community looking for cover as it fears a longer period of high inflation may push the Federal Reserve to taper its bond buying programme sooner-than-expected. Taking cues from global peers, the benchmark indices have declined over 2 per cent from recent peaks while the Nifty Bank index has tumbled over 5.50 per cent from its peak.

On Monday, the Indian benchmark indices clawed their way out of the early lows but were still trading half a per cent down. The weakness, however, can be seen as an opportunity by investors as major medium-term supports are not broken, technical charts suggest.

Here is the list of stocks showing positive momentum:-

Gujarat Gas Limited (GUJGASLTD)

Likely target: Rs 675 and Rs 685

Upside potential: 2.90% and 4.42%

This stock is witnessing a firm positive momentum even in the overbought category of the Relative Strength Index (RSI), as per the daily chart. Further, it needs to defend the support range of Rs 623 to Rs 618 levels to see an upward breakout towards Rs 675 and Rs 685. CLICK HERE FOR THE CHART
 
India Cements Ltd (INDIACEM) 

Likely target: Rs 205 and Rs 211

Upside potential: 4.50% and 7.50%

This cement stock is showing a short-term breakout on the horizontal trend line resistance at Rs 192 levels. The move is also supported by volumes, which supportive of the breakout, as per the daily chart. Further, as long as the support of Rs 188 is defended on the closing basis, the positive sentiment may see a rally towards Rs 205 and Rs 211 mark. CLICK HERE FOR THE CHART
 
Marico Ltd (MARICO)

Likely target: Rs 540 and Rs 555

Upside potential: 2.50% and 5.70%

The stock of this FMCG firm has not seen any major weakness despite trading in the overbought category of RSI, as per the daily chart. This sentiment is active and the stock price continues to see upward momentum towards Rs 540 and Rs 555 levels. The immediate support comes at Rs 515 and Rs 500 levels. CLICK HERE FOR THE CHART

Chambal Fertilizers & Chemicals Limited (CHAMBLFERT)

Likely target: Rs 330 and Rs 340

Upside potential: 5% and 8.50%

The stock is attempting to decisively conquer the resistance of Rs 310. This positive move may see a breakout towards Rs 330 and Rs 340 levels. The medium-term trend has a support of Rs 280 levels while the immediate support comes at Rs 300 level, as per the daily chart. The volumes are also indicating increased interest of market participants. CLICK HERE FOR THE CHART
 
Asian Paints Ltd (ASIANPAINT)

Likely target: Rs 3,150 to Rs 3,300

Upside potential: 3% and 7.50%

The stock has broken out of the resistance of Rs 3,000 levels with the up move indicating a rally towards Rs 3,150 to Rs 3,300 levels. The stock is witnessing buying sentiment in the overbought category of RSI, suggesting a firm underneath strength in stock price, as per the daily chart. The current immediate trend suggests "Higher High, Higher Low" formation. CLICK HERE FOR THE CHART