Monday momentum small-cap stocks: These two small-cap stocks received new orders; watch out!
More than the rate hike, investors would be more interested in knowing about the forward-looking statement on inflation and rate decision going ahead.
On Friday, the Nifty had formed a bearish outside bar on the daily chart, indicating that the bears had an upper hand in that particular trading session. At one point in time, the index had slipped below its crucial 20-DMA on an intraday basis, however, in the last leg of the trade, it settled around its 20-DMA.
The start of the day was an interesting one amid supportive global cues, but immediately the index erased its early gains and turned negative and extended the losses as the day progressed. However, last-hour buying helped to trim losses.
Sell-off in the domestic market was sparked by IT stocks extending their losses after warning of a potential slowdown in the business due to global recession fears.
In the coming days, the market may exhibit intraday volatility as investors keenly await the outcome of the US Fed’s decision on interest rates. More than the rate hike, investors would be more interested in knowing about the forward-looking statement on inflation and rate decision going ahead.
Hence, in the coming week, it's going to be a stock picker market. As a result, we have chalked down the list of stocks which have received breakthrough orders during the week and traders are likely to rush in with their buy order as the trade commences on Monday.
So, here are the two stocks:
PSP Projects: The company has received a Letter of Intent (LOI) for the civil construction of core and shell of 3B+G+33 Floors of High-Rise Residential Towers amounting to Rs 121.51 crore (excluding GST) from Nila Spaces Limited. With the receipt of the above orders, the total order inflow for the financial year 2022-23 to date amounts to Rs 1,833.09 crore. Interestingly, the stock saw a good volume build in the last hour of the trading session on Friday.
MIC Electronics: The company received a Letter of Acceptance from the Kharagpur Division - Signaling and Telecommunication, West Bengal (South Eastern Railway). The value of the said tender is Rs 2,71,54,772.86 ((Rupees Two Crore Seventy-One Lakh Fifty-Four Thousand Seven Hundred Seventy-Two and Eighty-Six Paisa only).