Penny stocks to watch out for Wednesday, 16 August 2023

The Sensex has concluded the trading session positively, achieving a modest rise of 0.12%. Similarly, Nifty has secured marginal gains, closing with a slight increase of 0.032%. Within the Nifty spectrum, the Nifty Midcap has undergone a decrease, closing lower by 0.17%. In contrast, the Nifty Smallcap has faced a more substantial decline, concluding the session with a notable decrease of 0.73%. 

In terms of sectors, the Nifty Media, Nifty IT, and Nifty FMCG segments have emerged as the primary top gainers during this trading session, displaying strong positive momentum. Conversely, the Nifty Metal, Nifty PSU Bank, and Nifty Realty sectors have encountered difficulties and are among the top losers. 

Focusing on individual stocks, LTIMindtree, Infosys, and Divi’s Laboratories have stood out as top gainers within the Nifty 50 index. Conversely, Adani Enterprises, JSW Steel, and Hindalco have seen declines, making them prominent losers in this context. 

The following penny stocks are likely to be in focus on Wednesday, August 16, 2023:     

Spacenet Enterprises: The stock experienced a substantial surge in its stock price, with the stock getting locked at 10% upper circuit, indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high of Rs 20.10 per share on the NSE. Spacenet Enterprises Ltd is in the business of trading commodities and providing Information technology-related services.  

Vikas Lifecare: The counter experienced a notable increase in buying interest as the scrip zoomed and got locked at 20% upper circuit, reaching an intraday high of Rs 3.70 per share on NSE. This surge in price was accompanied by a significant rise in trading volume for the scrip and closed 12.90% up at Rs 3.50 apiece on NSE. Vikas Lifecare Ltd trades and manufactures polymer, rubber compounds and additives for plastics, synthetic & natural rubber, infra, agro products, FMCG products, etc. 

Oriental Trimex: The company witnessed a robust price and volume breakout, resulting in the stock surging more than 15%, reaching an intraday high of Rs 8.15 per share on the NSE. This price rally was backed by a substantial increase in trading volume. Oriental Trimex Ltd is engaged in the business of trading and processing marble and mining granite.

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.