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HomeStocksPenny Stocks To Watch Out For Monday ,October 16, 2023

Penny Stocks To Watch Out For Monday ,October 16, 2023

The trading day saw the Sensex and Nifty wrap up with marginal declines, with a 0.19% dip for the Sensex and a 0.22% decline for the Nifty. In a similar fashion, the Nifty Midcap recorded a 0.12% drop, while the Nifty Smallcap plummeted by 0.44%.

In terms of sector performance, the standout performers included Nifty Auto, Nifty Realty, and Nifty Pharma, while Nifty PSU Bank, Nifty Media, and Nifty Bank were the prominent losers for the day.

Among individual Nifty 50 stocks, Tata Motors, IndusInd Bank, and HCL Technologies emerged as the top gainers, while Axis Bank, Infosys, and Adani Enterprises faced losses.

From a broader perspective, the market sentiment appeared bearish, with 924 stocks advancing and 1082 stocks declining, signalling a slightly pessimistic outlook in the broader market.

The following penny stocks are likely to be in focus on Monday, October 16, 2023:

Super Spinning Mills

The company witnessed a robust price and volume breakout, resulting in the stock getting locked at a 20% upper circuit, reaching an intraday high of Rs 9.70 per share on the NSE. Super Spinning Mills Ltd manufactures and sells cotton, cotton yarn and allied products.

Aakash Exploration Services 

This counter experienced a significant increase in buying interest as the scrip surged and got locked at a 5% upper circuit, reaching an intraday high of Rs 6.40 per share on the NSE. This surge in price was accompanied by a noteworthy rise in trading volume for the scrip. Aakash Exploration Services Limited provides services to oil and gas field.

ASL Industries 

The stock underwent a substantial surge in its stock price, zooming and getting locked at a 5% upper circuit, indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high of Rs 31.80 per share on the NSE. ASL Industries Ltd manufactures and trades automobile parts, parts of railway or tramways and other related 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.
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