Penny stocks to watch out for tomorrow, 22 September 2023

The trading session saw the Sensex wrapping up with a notable 0.85% dip, and the Nifty also ended on a lower note, declining by 0.80%. Likewise, the Nifty Midcap and Nifty Smallcap indices mirrored this trend, concluding with reductions of 0.89% and 1.34%, respectively. 

Notable underperformers included the Nifty PSU Bank, Nifty Auto, and Nifty Bank sectors, while Nifty Media managed to eke out a marginal gain, and no other major sectors closed in positive territory. On the flip side, leading gainers encompassed Adani Ports, Tech Mahindra, and Dr Reddy’s Laboratories, whereas M&M, ICICI Bank, and Cipla were among the prominent losers within the Nifty 50. 

Assessing the broader market sentiment, around 508 stocks made gains, whereas 1502 stocks experienced declines, highlighting the prevailing pessimistic sentiment in the wider market. 

The following penny stocks are likely to be in focus on Friday, September 22, 2023:     

STL Global – The company witnessed a robust price and volume breakout, resulting in the stock getting locked at 20% upper circuit, reaching an intraday high of Rs 21.30 per share on the NSE. This price rally was backed by a substantial increase in trading volume. STL Global is in the business of textile and real estate.  

Nagreeka Exports- The counter experienced a notable increase in buying interest as the scrip surged and got locked at 10% upper circuit, reaching an intraday high of Rs 48.25 per share on NSE. This surge in price was accompanied by a significant rise in trading volume for the scrip. Nagreeka Exports Ltd is engaged in the manufacturing, trading and export of cotton yarn and other various merchandise.  

Fiberweb (India)- The stock experienced a substantial surge in its stock price, with the stock zooming more than 13%, indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high of Rs 35.65 per share on the NSE. Fiberweb Ltd is in the business of polymer processing.   

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.