Penny stocks to watch out for tomorrow – 29th August 2023

The trading session concluded on a noteworthy positive note, with both the Sensex and Nifty indices registering gains of 0.17% and 0.21%, respectively. This upward trajectory is also reflected in the mid-cap segment, where the Nifty Midcap marked a 0.5 % increase, while the Nifty Smallcap exhibited an impressive uptick of 0.74%.

Among the standout performers in this trading session are Nifty Realty, Nifty Pharma, and Nifty PSU Bank. In contrast, the Nifty IT and Nifty FMCG sectors experienced some setbacks throughout the day. Prominent gainers include Power Grid Corporation, L&T, and M&M. However, within the Nifty 50, Jio Financial Services, Reliance, and Adani Enterprises encountered declines.

The following penny stocks are likely to be in focus on Tuesday, August 29, 2023:

Jaiprakash Associates

The company witnessed a robust price and volume breakout, resulting in the stock getting locked at 20% upper circuit, reaching an intraday high of Rs 10.95 per share on the NSE. This price rally was backed by a substantial increase in trading volume. Jaiprakash Associates is a Noida based construction company mainly engaged in the business of engineering & construction, manufacturing of cement, power, real estate development, hotel and hospitality, sports, etc.

Ravinder Heights

The counter experienced a notable increase in buying interest as the scrip zoomed and got locked at 20% upper circuit, reaching an intraday high of Rs 39.70 per share on NSE. This surge in price was accompanied by a significant rise in trading volume for the scrip. Ravinder Heights is engaged in the business of acquisition, construction, built-up infrastructure, housing, commercial premises, retail infrastructure, hospitality infrastructure, and regional-level infrastructure.

Transwarranty Finance

The stock experienced a substantial surge in its stock price, with the stock zooming 19%, indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high of Rs 11.20 per share on the NSE. Transwarranty Finance Ltd is an NBFC engaged in lending and advisory services.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.