Penny stocks to watch out for tomorrow, 23 August 2023

The Sensex and Nifty 50 wrapped up the trading session with slight upward movements. Notably, the Nifty Midcap segment displayed robust strength, closing notably higher by 1.1%, while the Nifty Smallcap category also recorded a commendable increase of 0.81%. 

Focusing on individual stocks within the Nifty 50 index, Adani Enterprises, HDFC Life and ITC emerged as significant gainers, contributing to the market’s upward trajectory. On the contrary, BPCL, Cipla, and Bajaj Finserv found themselves among the decliners, playing a role in the losses experienced within the Nifty 50 index. 

The following penny stocks are likely to be in focus on Wednesday, August 23, 2023:     

Country Club Hospitality & Holidays – The stock experienced a substantial surge in its stock price, with the stock surging and getting locked at 20% upper circuit, indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high of Rs 9.45 per share on the NSE. Country Club Hospitality & Holidays is a pioneer in the concept of offering 360-degree leisure hospitality membership services in India. 

GVK Power & Infrastructure– The company witnessed a robust price and volume breakout, resulting in the stock zooming more than 4%, reaching an intraday high of Rs 5.05 per share on the NSE. This price rally was backed by a substantial increase in trading volume. GVK Power & Infrastructure is primarily engaged in the business of providing operation and maintenance services, manpower and consultancy services and incidental services to owners of power plants, airports and infrastructure companies. 

Parsvnath Developers – The counter experienced a notable increase in buying interest as the scrip zoomed more than 18%, reaching an intraday high of Rs 10.70 per share on NSE. This surge in price was accompanied by a significant rise in trading volume for the scrip. The Parsvnath Group is a real estate brand with a pan-India presence in 37 cities across 13 states. 

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.