High momentum stocks to watch for 03 Feb-2023

High momentum stocks to watch for 03 Feb-2023

Stock Recommendations
by 5paisa Research Team Last Updated: Feb 03, 2023 - 05:08 pm 1.4k 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.    

Jamna Auto Industries: The stock witnessed a strong price volume breakout from its stage-1 base. The volumes stood greater than the 50-day average volume and indicate strong buying activity. It jumped over 4% during Friday’s trading session. We can expect a positive move in the next trading session given such strong price action.

eClerx Services: The scrip is in a strong uptrend and has soared over 3% on Friday. It has crossed above its prior swing high with above-average volume. It has also broken out from its weekly double-bottom pattern, which indicates signs of a bullish reversal. With the stock already trading at the day’s high, we can expect it to remain bullish in the next trading session as well.

Aavas Financiers: The shares of AAVAS have witnessed a strong surge of over 7% on Friday. The volumes have been huge and above average. The stock has crossed above its 50-DMA and 100-DMA, while the technical parameters also indicate strong strength in the stock. Such positivity is likely to be reflected in the next trading session.

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