High momentum stocks to watch for tomorrow!

High momentum stocks to watch for tomorrow!

by 5paisa Research Team Last Updated: 2022-12-13T22:54:06+05:30

Looking for stocks that could deliver good returns till tomorrow? 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 are selected 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 tomorrow. 

JSWSTEEL: The stock has skyrocketed over 6% on Tuesday. Along with today's strong price action, it has recorded huge volume and demonstrates strong trading activity. Volume for the day is greater than its prior trading session and also, greater than its 30-days average volume. Moreover, the stock has formed a sizable bullish candle with a negligible lower shadow which indicates that today is a trending day. The stock is expected to continue the rally next day.

Chalet Hotels: The stock has gained nearly 3% on Tuesday. The stock has witnessed breakout of neckline of double bottom pattern as sustaining above the level of Rs 310 is positive for the stock.  Interestingly, the breakout of neckline is seen on the back of robust volume as volume is greater than its prior trading session and greater than its 30-days average. Technically, the stock is placed in a sweet spot and if the index continues to inch higher, this stock can be an outperformer.

Sumichem: The stock has jumped over 4% on Tuesday; with this the stock has formed a sizable bullish candle.  It witnessed open=low situation wherein opening price of the day was also the low price of the day and currently trading at a day’s high. Volume for the day is the highest in the last three trading session, considering strong price and volume move witnessed in the stock, we expect the stock to continue the upside momentum next trading session as well.

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