High momentum stocks to watch for June 23!

High momentum stocks to watch for June 23!

by 5paisa Research Team Last Updated: 2022-06-22T14:50:44+05:30

Looking for stocks that could deliver good returns by June 23? Here are the High Momentum stocks that one must watch for tomorrow selected on a three-factor model.

Many market 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 June 23.

CG Power and Industrial Solutions: CGPOWER has soared nearly 2% on Wednesday. It has seen strong buying interest at lower from which it has bounced about 8% in three trading sessions. Moreover, it has crossed above its 20-DMA and recorded above average volumes. It has surged above its short-term resistance level of Rs 173 and is thus displaying strong bullishness. Considering the above points, the scrip is expected to remain bullish tomorrow as well.   

Praj Industries: The stock surged over 4% on Wednesday’s trading session. It broke out from its triangle pattern last week and is in an uptrend ever since. From its prior swing low, the stock has gained about 18% and recorded huge volumes. With rising volumes, we expect the stock to continue its bullish track on June 23.

Indian Overseas Bank: The scrip has jumped over 5% today. On the technical chart, it has made a sharp V-shaped recovery and has surged about 10 in the past two trading sessions. The volume recorded today is greater than 10-day, 30-day and 50-day average volumes. With such positivity, it is likely to trade higher in next trading session.

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