Penny stocks to watch out for Monday, May 15 2023!

The markets experienced selling pressure during the initial hours of trading but made a strong recovery from the day’s low to close near the day’s high. The Nifty closed at 18,314 level, up by 17 points from the previous trading session’s closing level. Similarly, the S&P BSE Sensex closed at 62,027.90 level, up by 123 points. 

 However, the Nifty Midcap 100 and Nifty Smallcap 100 witnessed profit booking at higher levels, resulting in a 0.40% and 0.75% decline, respectively. The Banking and Auto sectors had a strong trading day, while the Metal and Media sectors saw weakness. 

 Amongst the Nifty 50 stocks, Eicher Motors, Mahindra and Mahindra and IndusInd Bank emerged as top gainers, whereas BPCL, Hindalco and Power Grid were the top losers. Notably, the Nifty recovered from the technical and derivative support level of 18,200 and could potentially gain more strength if it trades above the day’s high level decisively. 

The following penny stocks are likely to be in focus on Monday, May 15, 2023:    

 Syncom Formulations (India) – Heavy buying interest was witnessed in the counter as the scrip surged 15.44%, recording an intraday high of Rs 7.10 per share on NSE. Syncom Formulations is a global pharmaceutical company that manufactures and markets a broad range of healthcare products. 

 GI Engineering Solutions– The stock saw significant buying activity, resulting in a surge and hitting the 5% upper circuit, reaching an intraday and 52-week high of Rs 29.47 per share on BSE. GI Engineering Solutions Ltd is a company that offers Information Technology, Engineering Services and related services. 

Integra Essentia – A strong breakout was witnessed in terms of price and volume as it rallied 9.56%, reaching an intraday high of Rs 7.45 per share. Integra Essentia Ltd is in the business of Life Essentials viz., Food (Agro Products), Clothing (Textiles and Garments), Infrastructure (Materials and Services for Construction and Infrastructure Development) and Energy (Materials, Products and Services for Renewable Energy Equipment and Projects).