Penny stocks to watch out for tomorrow, August 2, 2023

The Sensex and Nifty both concluded the session with a marginal decline of 0.1% each. On the positive side, Nifty Midcap and Nifty Smallcap exhibited gains of 0.03% and 0.68% respectively. 

Notably, Nifty IT, Nifty Metal, and Nifty Pharma emerged as the top gainers, whereas Nifty Realty, Nifty PSU Bank, and Nifty FMCG faced losses. From the Nifty 50 index, NTPC, Coal India, and Tech Mahindra registered significant gains, while Power Grid, Hero Motocorp, and Apollo Hospitals encountered declines. 

The following penny stocks are likely to be in focus on Wednesday, August 02, 2023:     

Super Spinning Mills: The company witnessed a robust breakout in both price and volume, leading to the stock getting locked at 20% upper circuit and hitting an intraday high of Rs 7.70 per share on the NSE. This surge in price was supported by a substantial increase in trading volume. The scrip witnessed some profit booking and closed 12.40% up at Rs 7.25 apiece on NSE. Super Spinning Mills Ltd does manufacturing and selling of cotton, cotton yarn and allied products.  

Sindhu Trade Links: Sindhu Trade Links observed a substantial spike with the stock surging more than 13%, reaching an intraday high of Rs 32 per share on the NSE. This remarkable price increase was accompanied by a noticeable rise in trading volume and closed 7.10% up at Rs 30.15 per share on NSE. Sindhu Trade Links Ltd is primarily engaged in transportation logistics and support services. The company through its subsidiaries is also engaged in diversified businesses like media, overseas coal mining, biomass-based power generation etc. 

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 39.15 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.