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Penny Stocks To Watch Out For Monday, May 29, 2023

26 May 20233 mins read by Angel One
The Nifty demonstrated a breakout from a continuation pattern indicating the potential for further buying activity in the upcoming sessions. 
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Following a strong recovery in the previous trading session, the Nifty experienced robust buying activity, resulting in a closing gain of 178.20 points at the level of 18,499.35. Similarly, the S&P BSE Sensex surged by approximately 208 points and concluded at the level of 62,501.69. The Nifty Midcap 100 and Nifty Smallcap 100 also ended on a positive note, with gains of about 0.81% and 0.53% respectively. 

Among the Nifty 50 stocks, Shree Cements, Reliance Industries, and Sun Pharma emerged as the top gainers, while ONGC, Grasim, and Bajaj-Auto were the leading losers. The Nifty demonstrated a breakout from a continuation pattern indicating the potential for further buying activity in the upcoming sessions. 

The following penny stocks are likely to be in focus on Monday, May 29, 2023:    

Essar Shipping– Heavy buying interest was witnessed in the counter as the scrip surged 17%, recording an intraday high of Rs 10.30 per share on BSE. The scrip witnessed massive spurt in volume by more than 4.89 times. Essar Shipping Limited was incorporated in 2010. The company is mainly engaged in fleet operating and chartering activities and operates international and coastal voyages.  

Manaksia Coated Metals & Industries – A strong breakout was witnessed in terms of price and volume as it rallied 10.52%, reaching an intraday high of Rs 21 per share on BSE. The scrip witnessed massive spurt in volume by more than 3 times. Manaksia Coated Metals & Industries Ltd is engaged in manufacturing value-added secondary metal products like galvanised corrugated sheets, galvanised plain sheets and colour coated sheets. 

India Power Corporation– The stock saw significant buying activity, resulting in a surge of 16.83%, to trade on an intraday high of Rs 11.80 per share on NSE. The scrip witnessed massive spurt in volume. India Power Corporation is engaged in the business of power distribution, renewable power generation and smart grid. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations.

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