Penny stocks to watch out for Monday, 28 August 2023

At the end of the trading session, the BSE Sensex experienced a decline of 0.56%, settling at a level of 64,886. Similarly, the Nifty 50 index witnessed a downturn of 0.62%, reaching a level of 19,265.  

Among the constituents of the BSE Sensex, Bajaj Finance, Asian Paints, and Bharti Airtel emerged as top performers, showcasing notable gains. Conversely, JSW Steel, IndusInd Bank, and Larsen & Toubro stood out as the primary contributors to the market’s decline. 

The advance-decline ratio on the BSE indicated a clear preference for declining stocks, with 2,152 shares facing a decline compared to 1,488 shares that managed to secure gains. 

The following penny stocks are likely to be in focus on Monday, August 28, 2023:     

Jaiprakash Associates– The company witnessed a robust price and volume breakout, resulting in the stock zooming more than 16%, reaching an intraday high of Rs 9.35 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. 

Uniinfo Telecom Services- The counter experienced a notable increase in buying interest as the scrip zoomed and got locked at 10% upper circuit, reaching an intraday high of Rs 24.80 per share on NSE. This surge in price was accompanied by a significant rise in trading volume for the scrip. Uniinfo Telecom Services Ltd renders technical services relating to telecom network optimization, network planning, drive test, and survey services, to OEMs and telecom operators.   

Bhandari Hosiery Exports- The stock experienced a substantial surge in its stock price, with the stock zooming more than 10%, indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high of Rs 7.25 per share on the NSE. Bhandari Hosiery Exports Ltd is in the business of textiles and garment manufacturing.  

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.