High momentum stocks to keep an eye on 16-March-2023

High momentum stocks to keep an eye on 16-March-2023

Stock Recommendations
by 5paisa Research Team Last Updated: Mar 16, 2023 - 02:57 pm 71 Views

Looking for stocks that could deliver good returns soon? Here are the High Momentum stocks that one must watch for tomorrow selected on a three-factor model.

Many participants see a stock opening with a gap-up and wish they should have bought this high momentum stock a day before to take advantage of the gap-up move. To fulfil this wish, we have come out with a unique system, which would help us to get the list of candidates that can be probable high momentum stocks for tomorrow.       

The high momentum stocks for tomorrow selected are based on a three-factor prudent model. The first important factor for this model is price, the second key factor is the pattern, and last but not least is the combination of momentum with volume. If a stock passes all these filters, it would flash in our system and as a result, it would help traders to spot the high momentum stocks for tomorrow at the right time!      

Here are the high momentum stocks to keep an eye on.

ICICI Prudential Life Insurance Company: The stock has soared over 8% and has recorded massive volumes. It has broken out from its short term consolidation pattern and is above its short term moving averages. Moreover, the technical parameters also show strong strength in the stock. With stock already trading at day’s high, we can expect a good movement from here on.       

Zee Entertainment Ltd: The scrip has broken out from its doble bottom like pattern, which is a sign of bullish reversal. It has surged over 7% today, backed by above average volume. It has also crossed above its 20-DMA level. Such momentum is likely to continue in next trading session as well.

Bharat Petroleum Corporation Ltd: The stock witnessed a fantastic rally of 6% on Thursday and currently trades at its breakout level. The volumes stood massive and multifold, thus showing renewed buying sentiment in the stock. It has formed a strong bullish candle on the technical chart. The bullish bias is very well reflected in the volumes, and thus, we expect the stock to outperform the broader market in times to come.

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