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Penny stocks to watch out for tomorrow, May 18th, 2023

24 January 20244 mins read by Angel One
Although the market initially opened on a negative note, profit booking continued throughout the day.
Penny stocks to watch out for tomorrow, May 18th, 2023
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By the end of the trading session, the Sensex recorded a loss of 371.83 points or 0.60 percent, settling at 61,560.64. Similarly, the Nifty experienced a decline of 104.70 points or 0.57%, closing at 18,181.80.   

Although the market initially opened on a negative note, profit booking continued throughout the day, resulting in selling across various sectors and pushing the Nifty towards the 18,100 level. However, there was a slight recovery in the final hour of trading.   

Kotak Mahindra Bank, Apollo Hospitals, SBI Life Insurance, TCS and HCL Technologies emerged as the major decliners on the Nifty. Conversely, Hero MotoCorp, IndusInd Bank, ITC, UPL and BPCL were among the top gainers.   

In terms of sectors, the realty, metal and information technology indices all experienced a decline of 1% each, while the bank, oil & gas and power indices all saw a decrease of 0.5% each. The BSE midcap index concluded the day with a slight decrease, while the smallcap index ended on a positive note.    

The following penny stocks are likely to be in focus on Thursday, May 18, 2023:     

Kanani Industries– Heavy buying interest was witnessed in the counter as the scrip surged more than 4.49%, recording an intraday high of Rs 9.30 per share on NSE. Incorporated in 1983, Kanani Industries Ltd is engaged in the business of manufacture & export of diamond studded jewellery.  

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 35.80 per share on BSE. GI Engineering Solutions Ltd is a company that offers information technology, engineering services and related services.    

B.A.G Films and Media– A strong breakout was witnessed in terms of price and volume as it rallied 9.88%, reaching an intraday high of Rs 4.45 per share. B.A.G Films and Media is an Indian media and entertainment company that operates in various segments of the industry, including television, films and digital content.

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