The Nifty index rebounded by 100 points from its day’s low after experiencing selling pressure during the initial hours of trading. It eventually closed around the opening level of 18,315. Meanwhile, the S&P BSE Sensex finished 178 points higher at 61,940, with the Nifty Midcap 100 and Nifty Smallcap 100 also recovering and ending almost unchanged.
Throughout the day, the Media, Auto and Realty sectors exhibited strength, while stocks in the PSU Banks and Metal sectors remained weak. Among the Nifty 50 stocks, IndusInd Bank, HDFC Life and Power Grid emerged as the top gainers, while UPL, Hindalco and Dr. Reddy’s Lab were the top losers. Today, the Nifty experienced a volatile trading session but managed to make a strong recovery.
The 18,200 level is the nearest important technical support and a further move can be expected if the bulls can decisively surpass today’s high.
List of penny stocks are likely to be in focus on Thursday, May 11, 2023:
Kritika Wires– Heavy buying interest was witnessed in the counter as the scrip surged 10%, recording an intraday high of Rs 15.40 per share on NSE. Kritika Wires Limited is engaged in the manufacturing of all types of Steel Wire and Galvanised Wire to cater to the needs of the State Electricity Boards, Power Grid Corporation of India Ltd, etc.
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 28.07 per share on BSE. GI Engineering Solutions Ltd is a company that offers Information Technology, Engineering Services and related services.
MIC Electronics – A strong breakout was witnessed in terms of price and volume as it rallied 4.97%, reaching an intraday high of Rs 20.47 per share. MIC Electronics has been a leader in designing, developing and manufacturing LED Video Displays, high-end Electronic and Telecommunication equipment and Telecom software since 1988 on a global level.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations.