High momentum stocks to watch for August 16

resr 5paisa Research Team 12th December 2022 - 01:14 pm
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Looking for stocks that could deliver good returns by August 16? 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 for August 16.  

Fortis Healthcare: The stock has registered a breakout from its falling trendline with huge volumes. It has soared over 7% and the volume is greater than 50-day average volume. The stock is above all its key moving averages and is trading at day’s high. Such bullishness is likely to continue in next trading session.

Tata Elxsi: The scrip surged over 6% on Friday to hit its lifetime high of Rs 10147. It has formed a strong bullish candle, justifying the strong buying interest. The volumes have turned out to be above average. It is in a strong uptrend for short term and is quite attractive for the trading bets.

Poonawalla Fincorp: The shares gained about 4% in Friday’s trading session. It has consistently formed higher highs and higher lows, which is a bullish pattern. The volumes have been good lately and more participation is seen in this stock. It has over 61.8% of its prior downtrend and is likely to see strong demand in next week.

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