Penny Stocks to Watch Out for Tomorrow, May 24, 2023

Throughout Tuesday’s trading session, the indices experienced overall upward movement, except for a slight instance of profit booking in the last half hour. The NSE Nifty 50 closed at a level of 18,350, while the S&P BSE Sensex recorded a gain of 18.11 points. The Nifty Midcap showed a rise of 0.63 percent, whereas the Nifty Smallcap ended the day without significant changes.  

The Nifty Metal emerged as the top performer, soaring by 2.59 percent, alongside the Nifty Media. However, the realty and IT sectors concluded with minor declines.   

Adani Enterprises witnessed a remarkable surge of over 13 percent following the Supreme Court’s clearance. Divi’s Laboratories, Bajaj Finserv and Eicher Motors were also among the leading gainers among the Nifty 50 stocks. On the other hand, Tech Mahindra, Apollo Hospitals and Grasim Industries experienced the most significant losses for the day.  

The following penny stocks are likely to be in focus on Wednesday, May 24, 2023:     

Reliance Power– Heavy buying interest was witnessed in the counter as the scrip surged 13.47%, recording an intraday high of Rs 13.05 per share on NSE. The scrip witnessed massive spurt in volume by more than 6 times. Reliance Power has been established to develop, construct and operate power projects both in India as well as internationally.   

Dangee Dums– The stock saw significant buying activity, resulting in a surge of 19.37%, to trade on intraday high of Rs 15.40 per share on NSE. Dangee Dums Ltd is engaged in the business of manufacturing and trading of Bakery & Confectionery Products.      

TPL Plastech– A strong breakout was witnessed in terms of price and volume as it rallied 8.42%, reaching an intraday high of Rs 44.40 per share on BSE. The scrip witnessed massive spurt in volume by more than 3 times. TPL Plastech Ltd is engaged in the business of manufacturing polymer based industrial packaging products like Drums and Jerry cans.