Penny stocks to watch out for Monday, 31 July 2023

The Sensex concluded the session with a decrease of 0.16% and the Nifty registered a decline of 0.07%. On the other hand, Nifty Midcap and Nifty Smallcap exhibited positive performance, closing higher by 0.55% and 0.19%, respectively. 

Among the top gainers were Nifty Realty, Nifty Media, and Nifty Energy, while Nifty IT, Nifty Bank, and Nifty Financial Services were among the top losers. From the Nifty 50 index, NTPC, Power Grid, and Apollo Hospitals witnessed notable gains, whereas Bajaj Finserv, HDFC Bank, and BPCL faced significant losses. 

The following penny stocks are likely to be in focus on Monday, July 31, 2023:     

Syncom Formulations (India): The company witnessed a robust breakout in both price and volume, leading to the stock price surging more than 13% and hitting an intraday high of Rs 8.25 per share on the NSE. This surge in price was supported by a substantial increase in trading volume. Syncom Formulations (India) is a global pharmaceutical company that manufactures and markets a broad range of healthcare products. 

Aksh Optifibre: Aksh Optifibre observed a substantial spike of over 17% in its stock price, reaching an intraday high of Rs 10.25 per share on the NSE. This remarkable price increase was accompanied by a noticeable rise in trading volume. Aksh Optifibre is engaged in the manufacturing and selling of optical fibre, optical fibre cable, fibre-reinforced plastic rods, impregnated glass roving reinforcement and ophthalmic lenses. 

Madhav Copper: Madhav Copper experienced a substantial surge in its stock price, leading to the stock getting locked at 10% upper circuit, indicating a strong breakout in both price and volume. The stock reached an impressive intraday high of Rs 32.60 per share on the NSE, and this notable price surge was supported by a significant rise in trading volume. Madhav Copper manufactures and trades in copper winding wires, enamelled copper wires, enamelled copper round winding wire, poly wrap submersible winding wires, enamelled aluminium round winding wire, bare copper wire, and other copper strips and wires.

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.