Penny stocks to watch out for tomorrow, May 17th, 2023

Throughout the day, the indices experienced a decline, particularly in media, auto and financial stocks. The NSE Nifty 50 index closed below 18,300 levels, slipping by 0.61 percent, while the S&P BSE Sensex witnessed a loss of 413.24 points. The Nifty Midcap and Nifty Smallcap indices had a mixed closing. Among the sectors, the PSU Bank index emerged as the top performer with a 0.72 percent increase, while media, auto and financials remained weak.  

From the Nifty 50 stocks, BPCL, ONGC and Coal India showed the highest gains, whereas HDFC, Tata Motors and M&M experienced the most significant losses. The Nifty formed a bearish candle and closed at the lowest point of the day. It is important to continue monitoring global cues.  

The following penny stocks are likely to be in focus on Wednesday, May 17, 2023:     

Kanani Industries– Heavy buying interest was witnessed in the counter as the scrip surged more than 9.8%, recording an intraday high of Rs 8.90 per share on NSE. Incorporated in 1983, Kanani Industries Ltd is engaged in the business of manufacture & export of Diamond Studded Jewelry.  

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 34.10 per share on BSE. GI Engineering Solutions Ltd is a company that offers Information Technology, Engineering Services and related services.  

Shrenik Limited– A strong breakout was witnessed in terms of price and volume as it rallied 9.52%, reaching an intraday high of Rs 1.15 per share. Shrenik Limited, incorporated in 1985, is a Paper-Trading Company (Wholesale Distributor) having its operations spread across Gujarat, Rajasthan and Maharashtra. The company sells products like writing and printing paper, coated paper, hi bright paper, copier paper, folding box board and duplex board.