Penny Stocks to Watch Out for Tomorrow, May 23, 2023

Following a robust recovery in the previous trading session, the Nifty index experienced continued buying activity. It surged by 111 points and concluded the day at the 18,314 level. Similarly, the S&P BSE Sensex witnessed a rise of 95.99 points, closing at the 61,734 level. Both the Nifty Midcap 100 and Nifty Smallcap 100 indices also demonstrated strong rallies, finishing 0.63% and 0.55% higher, respectively.    

During the day, the metal and IT sectors exhibited strength, while the private banking sector remained weak. Among the Nifty 50 stocks, Adani Ports, Divis Lab and Tech Mahindra emerged as the top gainers. On the other hand, Nestle India, Hero Moto Corp and Eicher Motors experienced the most significant declines.   

The following penny stocks are likely to be in focus on Tuesday, May 23, 2023:     

Suzlon Energy– Heavy buying interest was witnessed in the counter as the scrip surged 12.94%, recording an intraday high of Rs 9.60 per share on NSE. The scrip witnessed massive spurt in volume by more than 3.9 times. Suzlon Energy is primarily engaged in the business of manufacturing of wind turbine generators (WTGs) and related components of various capacities.    

Niraj Cement Structurals– The stock saw significant buying activity, resulting in a surge of 16.72%, to trade on intraday high of Rs 32.80 per share on NSE. The scrip witnessed massive spurt in volume by more than 5.5 times. Niraj Cement Structurals Ltd is engaged in the business of construction of projects with end-to-end solutions across domains.     

TPL Plastech– A strong breakout was witnessed in terms of price and volume as it rallied 13%, reaching an intraday high of Rs 41.30 per share. The scrip witnessed massive spurt in volume by more than 2.2 times TPL Plastech Ltd is engaged in the business of manufacturing polymer based industrial packaging products like drums and jerry cans.