Penny Stocks to Watch Out for Tomorrow, June 22, 2023

Although the domestic market reached new record levels, it was unable to maintain its upward momentum due to ongoing concerns regarding global issues and a delayed monsoon. Additionally, the market experienced increased volatility caused by consecutive days of net selling by Foreign Institutional Investors (FIIs).

The Sensex recorded a 0.31% increase at the closing, while the Nifty closed higher by 0.22%. The Nifty Midcap saw a rise of 0.82%, whereas the Nifty Smallcap ended the day with marginal gains.

During the trading session, Nifty Media, Nifty Financial Services, and Nifty Energy emerged as the top gainers, while Nifty Realty, Nifty Metal, and Nifty FMCG suffered losses, being among the top losers.

Among the stocks in the Nifty 50 index, Power Grid, HDFC and HDFC Bank exhibited notable gains, whereas JSW Steel, Hindalco, and M&M faced losses, positioned as the top losers.

The following penny stocks are likely to be in focus on Thursday, June 22, 2023:   

Blue Chip India – The stock exhibited a powerful breakout both in terms of price and volume, as it rallied and got locked at 10% upper circuit, reaching an intraday high of Rs 0.55 per share on NSE. This surge in price was accompanied by a significant increase in trading volume. Blue Chip India Ltd is in the business of providing loan.

Alok Industries The counter experienced a notable increase in buying interest as the scrip zoomed more than 11%, reaching an intraday high of Rs 18.15 per share on NSE. This surge in price was accompanied by a significant rise in trading volume for the scrip. Alok Industries is a textile company with a presence in the cotton and polyester segments. The Company is engaged in manufacturing of textile, including mending and packing activities; leather and other apparel products.

Supreme Engineering-There was substantial buying activity observed in the stock, leading to the stock surging 8.33%, to trade at an intraday high of Rs 0.65 per share on NSE. This surge in price was accompanied by a significant increase in trading volume for the stock. Supreme Engineering Ltd is in the business of manufacturing steel products.