Top 10 momentum stocks you should look into
Momentum stocks are high-risk, high-reward investments. We've compiled a list of the top 10 best momentum stocks to look into.
Since October of last year, markets have been highly volatile, trading in a range-bound pattern with a negative inclination. Following a tumultuous session yesterday, markets finished down, dropping 69.65 points (0.4 per cent) to settle at 17,206.65. The broader market lagged behind the Nifty 50 and Sensex. Market breadth was negative on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Even though the Nifty 50 rebounded rapidly last Tuesday and filled the down gap opened last Monday, there is still a chance that the Nifty can revisit the recent lows of 16,809. This comes as global markets show signs of deterioration. If the recent Russia-Ukraine conflict worsens, the Nifty might reach its 50-week Exponential Moving Average (EMA) around 16,445 levels. However, it is currently trading at its 61.8 per cent Fibonacci extension, which is at 16,981 levels. As a result, having a stock-specific viewpoint is advised at this time.
Momentum stocks have a high risk/reward profile. As a result, given the market's bearish bias, it makes perfect sense to buy in these momentum jewels.
The top ten momentum stocks to consider are mentioned below.