Stock under Rs 25: Add this stock to your watchlist as it gets green signal from USFDA
Market participants are advised to keep the stock on their watchlist for Monday.
On Friday, the Nifty index started off on a flat note and briefly crossed the 17100 level early in the day. However, selling pressure in the later part of the session led to a decline of 132 points, ending the index at 16945 levels.
The daily chart showed a sizable bearish candlestick pattern with a lower high and lower low compared to the previous trading session. The second half of the trading session witnessed high volatility after the Finance Bill 2023 was approved with amendments.
Going forward, the 16800 mark is expected to act as strong support for the index, and traders are advised to keep a close watch on this level. In addition, market participants should also keep an eye on the stock of Morepean Laboratories Ltd on Monday.
Morepean Laboratories Ltd is categorized as a Smallcap stock, with a market cap of Rs 1,245 crore. On Friday, the stock settled at Rs 24.4. The company recently announced in a press release that the United States Food and Drug Administration (‘USFDA’) conducted an inspection of their API manufacturing facility in Baddi, Himachal Pradesh. The facility was cleared by the USFDA on March 24, 2023, without any adverse observations (NIL 483).
Company is engaged in the business of manufacturing, producing, developing, and marketing a wide range of Active Pharmaceutical Ingredients (APIs), branded and generic formulations, and Home Health products. Market participants are advised to keep the stock on their watchlist for Monday.