Penny Stocks: Stocks likely to be in focus tomorrow!

Nifty50 closed at 19,745, while small-cap index performed positively and mid-cap index performed negatively.

On Friday, Indian equity markets ended on a negative note. Nifty50 closed at 19,745, while Small-Cap index performed positively and Mid-Cap index performed negatively.

The market continued its upward momentum for the fourth consecutive week, concluding on July 21, 2023. However, on Friday, a 1 per cent decline was recorded due to disappointing full-year guidance from Infosys and quarterly earnings of HUL. Despite this setback, several factors contributed to the market's resilience throughout the week.

The unlocking of value by Reliance Industries bolstered investor confidence. Additionally, steady inflows from foreign investors further supported the market's positive trajectory. Encouraging domestic macroeconomic data also contributed to the upbeat sentiment among investors.

Moreover, investors displayed a positive outlook towards the banking sector, anticipating favourable Q1 results. This sentiment led to increased buying activity in the banks, further contributing to the overall market buoyancy during the week.

The following Penny Stocks are likely to be in focus on Monday, July 24, 2023:

Peninsula Land- Heavy buying was witnessed in the counter as the scrip zoomed and got locked at 10 per cent upper circuit, recording an intraday high of Rs 32.75 per share on BSE. Peninsula Land is an integrated real estate company and is a part of the Ashok Primal Group.

Suzlon Energy- The scrip experienced significant buying activity, resulting in the stock getting locked at 5 per cent upper circuit, reaching an intraday high of Rs 19.66 per share on BSE. Suzlon Energy Ltd manufactures wind turbine generators and related components.

Patel Engineering- A solid price volume breakout was seen at the counter today as the stock rallied more than 4.5 per cent to record an intraday high of Rs 47.18 per share on BSE. Patel Engineering Ltd is engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures and other kinds of heavy civil engineering works in areas like hydro, irrigation & water supply, urban infrastructure and transport.

Here is the list of volume breakout penny stocks that witnessed heavy buying in Friday's session:    

Disclaimer: The article is for informational purposes only and not investment advice.