Penny stocks to watch out for tomorrow, July 19, 2023

Sensex and Nifty closed up by 0.31% and 0.19%, respectively. Nifty Midcap and Nifty Smallcap have plunged by 0.14% and 0.94%, respectively. 

A majority of Asian markets experienced declines due to concerns over China’s weakening economy and its potential impact on global growth. These worries overshadowed the positive sentiment about the United States successfully tackling inflation and potentially avoiding a recession.  

Nifty Energy and Nifty IT were among the top gainers while Nifty Realty, Nifty PSU Bank and Nifty Media were among the top losers. Infosys, Asian Paints and HCL Tech were among the top gainers while LTIMindtree, HDFC Life and Britannia were among the top losers from the Nifty 50. 

The following penny stocks are likely to be in focus on Wednesday, July 19, 2023:     

Indowind Energy: The stock displayed a strong breakout in both price and volume, rallying and getting locked at 20% upper circuit, reaching an intraday high of Rs 12.60 per share on the NSE. This surge in price was accompanied by a significant rise in trading volume. Indowind Energy Ltd, incorporated in 1995, is engaged in the business of generation and distribution of power through windmills.  

Silgo Retail: The stock surged more than 20%, exhibiting a robust breakout in both price and volume, to trade at an intraday high of Rs 29.45 per share on the NSE. This remarkable price surge was accompanied by a notable increase in trading volume. Silgo Retail Ltd is into manufacturing and trading of silver jewellery and related business.  

Motor & General Finance: The stock zoomed and got locked at 10% upper circuit, propelling its intraday trading price to reach a peak of Rs 37.85 per share on the NSE. This surge in price coincided with a noticeable uptick in trading volume. Motor & General Finance Limited, incorporated in 1930, is engaged in the single primary business of rental/ leasing of immovable property. 

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.