Penny Stocks to Watch out for Tomorrow, May 19th, 2023

Nifty exhibited a lackluster performance throughout the day following an initial rise in the market. It slipped below the previous day’s low and concluded near the lowest point of the day. The closing level stood at 18,181, marking a decline of 104 points compared to the last trading session.    

S&P BSE Sensex also experienced a significant drop, closing 370 points lower at the level of 62,560. Nifty Midcap 100 and Nifty Smallcap 100 gave up the gains from the previous trading session, ending 0.09% and 0.5% lower, respectively. Private banks and the financial services sector displayed relative strength during the day, while the realty, PSU banks and pharma sector stocks remained weak.    

Among the Nifty 50 stocks, Bajaj Finance, Kotak Mahindra Bank and Bharti Airtel emerged as the top gainers, whereas Adani Ports, Divis Lab and ITC suffered the highest losses.  

Nifty closed below the 18,200 level for another trading session, indicating weakness and suggesting the possibility of further decline as long as it remains below this level.  

The following penny stocks are likely to be in focus on Friday, May 19, 2023:     

Sakuma Exports– Heavy buying interest was witnessed in the counter as the scrip surged more than 19.83%, recording an intraday high of Rs 14.50 per share on NSE. The scrip witnessed some profit booking and closed 15.29 % up. Sakuma Exports Ltd is engaged in buying, processing, marketing, exporting bulk agricultural commodities like sugar, edible oils, oil seeds, pulses, cotton, 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 37.59 per share on BSE. GI Engineering Solutions Ltd is a company that offers Information Technology, Engineering Services and related services.  

 Patel Integrated Logistics– A strong breakout was witnessed in terms of price and volume as it rallied 15.29%, reaching an intraday high of Rs 15.45 per share. Patel Integrated Logistics is in the business of logistics services, offering unified logistics solution through the extensive infrastructure of offices and delivery destinations across all over the country.