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Penny Stocks To Watch Out For Tomorrow – October 26, 2023

The Sensex and Nifty experienced a significant decline of 0.81% and 0.83%, respectively, at the close. Nifty Midcap closed with a moderate decrease of 0.65%, while Nifty Smallcap ended the day with a 0.24% decline.

In the sectoral landscape, Nifty PSU Bank and Nifty Metal were the only sectors that saw gains, while Nifty Media, Nifty Realty, and Nifty IT were among the sectors that registered losses.

Notable gainers in the Nifty 50 index included Tata Steel, Coal India, and Hindalco, whereas Infosys, Apollo Hospitals, and Adani Enterprises were among the prominent decliners.

The overall market sentiment appeared pessimistic, with 536 stocks advancing and 1,510 stocks declining.

The following penny stocks are likely to be in focus on Thursday, October 26, 2023:

Mangalam Global Enterprises

The company witnessed a robust price and volume breakout, resulting in the stock getting locked at a 5% upper circuit, reaching an intraday high of Rs 17.40 per share on the NSE. Mangalam Global Enterprise Ltd is engaged in the activity of manufacturing, trading of castor seeds, castor derivative products, cotton, cotton ginning, other agri commodities, other merchandise, and agency service activity.

ABM International

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 43.15 per share on the NSE. This surge in price was accompanied by a noteworthy rise in trading volume for the scrip. ABM International Ltd is primarily engaged in the import of plastic raw materials.

Innovative Tyres & Tubes

The stock underwent a substantial surge in its stock price, zooming and getting locked at upper circuit level, indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high of Rs 6 per share on the NSE. Innovative Tyres & Tubes Limited is an India-based tire and tube manufacturing company. The company is engaged in manufacturing and marketing tires.

Read: MRF Strategy: Stock Split & its Implications for Investors

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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