Penny stocks to Watch out for Tomorrow – 16th May

Nifty displayed a robust performance for the day, bouncing back after a gap-down opening. However, during the afternoon session, some investors booked profits, causing a slight decline. Despite this, Nifty concluded the day on a positive note, closing 84 points higher than the previous trading session at a level of 18,398.

S&P BSE Sensex also experienced a similar trend, relinquishing some gains from its intraday high but ultimately managing to close 297 points higher at a level of 62,345. Nifty Midcap 100 and Nifty Smallcap 100 exhibited stronger performance, finishing with gains of 0.75% and 0.5% respectively. The Realty and Media sectors demonstrated strength throughout the day, while Pharma and Energy sector stocks remained relatively stable.

Among the Nifty 50 stocks, Hero Moto Corp, Tata Motors and ITC emerged as the top gainers, while BPCL, Cipla and Grasim encountered losses. Today, Nifty traded with upward momentum, filling the opening gap but witnessed profit booking by the closing time. It concluded just below the 18,400 level and may gain further strength if it manages to decisively trade above it.

The following penny stocks are likely to be in focus on Tuesday, May 16, 2023:

Coffee Day Enterprises – Heavy buying interest was witnessed in the counter as the scrip surged more than 16%, recording an intraday high of Rs 39.90 per share on NSE. Coffee Day Enterprises Ltd is the holding company of the Coffee Day Group. The Group is in the business of coffee retail and exports, hospitality and consultancy services.

GI Engineering Solutions – The stock saw significant buying activity, resulting in a surge and hitting the 5% upper circuit, reaching an intraday and 52-week high of Rs 32.48 per share on BSE. GI Engineering Solutions Ltd is a company that offers Information Technology, Engineering Services and related services.

HEC Infra Projects – A strong breakout was witnessed in terms of price and volume as it rallied 9.93%, reaching an intraday high of Rs 38.475 per share. Incorporated in 2005, HEC Infra Projects Ltd is engaged in electrification services.