Penny Stocks: Stocks likely to be in focus tomorrow!

The following penny stocks are likely to be in focus on Thursday, May 23, 2024.

On Wednesday, with benchmark indices Sensex and Nifty gaining marginally by 0.36 per cent and 0.31 per cent respectively. This modest increase came despite a mixed performance across sectors. While Nifty Mid-Cap stocks saw a slight uptick of 0.19 per cent, Nifty Small-Cap dipped by 0.35 per cent. Market volatility, although down slightly 1.57 per cent, remained elevated as reflected by the India VIX index staying above 21.

Sectoral performance was uneven, with Nifty FMCG, Realty, and Energy showing positive movement, while Nifty Metal, Bank, and Financial Services lagged behind. The broader market sentiment leaned slightly negative with more stocks declining 2,018 than advancing 1,826. Overall, Wednesday's session highlighted a cautious optimism with underlying concerns lingering due to continued market volatility and uneven sectoral performance.

The following Penny Stocks are likely to be in focus on Thursday, May 23, 2024:

Suzlon - Heavy buying was witnessed in the counter as the scrip zoomed and got locked at 5 per cent upper circuit, recording an intraday high of Rs 46.25 per share on NSE. Suzlon is one of the leading global renewable energy solutions providers. It is a vertically integrated WTG manufacturer. It also undertakes installation and O&M of all WTG sales. Operations include design development and manufacturing of all major components, including rotor blades, tubular towers, generators, control equipment, gears and nacelles.

RattanIndia Power - The scrip experienced significant buying activity, resulting in the stock surging and getting locked at 5 per cent upper circuit, reaching an intraday high of Rs 13.80 per share on NSE. RattanIndia Power Limited is one of India’s largest private power generation company, with installed capacity of 2,700 MW thermal power plants at Amravati and Nashik (1,350 MW at each location) in Maharashtra, India. 

Salasar Techno Engineering - A solid price volume breakout was seen at the counter today as the stock rallied and got locked at 5 per cent upper circuit to record an intraday high of Rs 22.50 per share on NSE. Established in 2006 as a tower manufacturer, Salasar Engineering Limited, has emerged as a fast-growing Steel structure manufacturer & EPC infrastructure company, providing services across telecom, energy and railways sector.

Here is the list of volume breakout penny stocks that witnessed heavy buying in today’s session (in NSE):  

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