Penny stocks to watch out for tomorrow, 21 September 2023

The Sensex witnessed a notable downturn, with the index closing 1.18% lower and the Nifty index also ending the day down by 1.15%. Additionally, the Nifty Midcap index saw a modest decline of 0.28%, while the Nifty Smallcap index experienced a more significant drop of 0.88%. 

In terms of sectors, Nifty Metal, Nifty Financial Services, and Nifty Bank were the standout losers, with no major sector posting gains. When examining individual stocks within the Nifty 50, Power Grid, Coal India, and ONGC were among the top performers, whereas HDFC Bank, JSW Steel, and Reliance faced notable losses.  

The broader sentiment in the market remained pessimistic, with approximately 621 stocks advancing and 1380 stocks declining, underscoring the prevailing bearish sentiment among investors. 

The following penny stocks are likely to be in focus on Thursday, September 21, 2023:     

STL Global– 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 17.75 per share on the NSE. This price rally was backed by a substantial increase in trading volume. STL Global is in the business of textile and real estate.  

Kaushalya Infrastructure Development Corporation- The counter experienced a notable increase in buying interest as the scrip surged and got locked at 10% upper circuit, reaching an intraday high of Rs 6.30 per share on NSE. This surge in price was accompanied by a significant rise in trading volume for the scrip. Kaushalya Infrastructure Development Corporation Ltd is engaged in executing construction contracts relating to infrastructure, real estate developments, acquisition and development, and sale of land. 

IFCI Limited- The stock experienced a substantial surge in its stock price, with the stock zooming more than 14%, indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high of Rs 21.40 per share on the NSE. IFCI is an Indian Government owned non-banking finance company established to cater to the long-term finance needs of the industrial sector. 

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.