Penny Stocks to Watch out for Today, May 12, 2023

The markets started strong today but lost their momentum to close near the day’s lowest point. The Nifty ended the day at 18,297 level, 18 points below the previous trading session’s closing level. Similarly, the S&P BSE Sensex closed almost unchanged at 61,904 level, down by 35 points. The Consumption and Realty sectors were the best performers, while Pharma and Infra sector stocks remained weak. 

Among the Nifty 50 stocks, Asian Paints, Hindustan Unilever and Adani Ports were the top gainers, while L&T, Hindalco and Dr Reddy’s Lab were the top losers. The Nifty recovered from the trendline support of the previous two trading sessions’ days high, which could trigger a fresh sell-off if there is a decisive move below this trendline. 

The following penny stocks are likely to be in focus on Friday, May 12, 2023:    

Kritika Wires– Heavy buying interest was witnessed in the counter as the scrip surged 4.87%, recording an intraday high of Rs 16.15 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 29.47 per share on BSE. GI Engineering Solutions Ltd is a company that offers Information Technology, Engineering Services and related services. 

Mohit Industries– A strong breakout was witnessed in terms of price and volume as it rallied 18.45%, reaching an intraday high of Rs 17.65 per share. Mohit Industries Ltd manufactures texturized yarn from POY and weaving of the yarn to grey cloth.

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