Penny Stocks To Watch Out For Tomorrow – 30th August 2023

In a notable market development, the Sensex and Nifty conclude with gains of 0.12% and 0.19%, respectively, painting a positive picture for the trading day. The closing bell also brought positive news for Nifty Midcap, which registered a 0.34% increase, and Nifty Smallcap, demonstrating a more substantial rise of 0.54%.

Among the sectors, Nifty Realty, Nifty Metal, and Nifty Media were the top gainers, highlighting their robust performance during the trading session. Conversely, Nifty PSU Bank, Nifty FMCG, and Nifty Pharma sectors witness a dip, emerging as the top losers within their respective domains.

Delving into individual stock movements, Jio Financial Services, Hindalco, and UPL exhibited noteworthy gains, while Bharti Airtel, Hindustan Unilever, and Axis Bank faced setbacks among the Nifty 50 constituents.

The following penny stocks are likely to be in focus on Wednesday, August 30, 2023:

Energy Development Company

The company witnessed a robust price and volume breakout, resulting in the stock surging more than 9%, reaching an intraday high of Rs 17.60 per share on the NSE. This price rally was backed by a substantial increase in trading volume. Energy Development Company is primarily engaged in the generation and sale of bulk power to various electricity boards, construction development, implementation, operation & maintenance of projects and consultancies and trading of power equipment and metals.

Godha Cabcon & Insulation

The counter experienced a notable increase in buying interest as the scrip zoomed and got locked at 5% upper circuit, reaching an intraday high of Rs 1.10 per share on NSE. This surge in price was accompanied by a significant rise in trading volume for the scrip. Godha Cabcon & Insulation Ltd is a manufacturer of conductors and wires.

Transwarranty Finance

The stock experienced a substantial surge in its stock price, with the stock getting locked at 20% upper circuit, indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high of Rs 13.10 per share on the NSE. Transwarranty Finance Ltd is an NBFC engaged in lending and advisory services.

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.