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As of August 08, 2024, as many as 195 out of 2,791 stocks traded on the National Stock Exchange (NSE) quoted below Rs 20-mark; this implies 1 out of every near about 14 stocks traded below Rs 20 as of date. Out of 195, a total of 105 stocks had closed below the Rs 10-level.
Stocks quoted at such low prices are commonly referred to as penny stocks. These are stocks mostly of small companies with low market capitalisation. Because of the low value, these stocks have the potential to turn into multi-baggers and at times also attract unscrupulous speculative trading activity; hence one should be aware of the associated risks.
Analysis of the current chart patterns suggest that these 10 penny stocks, trading in the range of Rs 6 - Rs 20, can potentially upside up to 75 per cent from the present levels.
Sadbhav Infra Projects
Current Price: Rs 6.30
Upside Potential: 74.6%
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Support: Rs 5.99; Rs 5.91
Resistance: Rs 6.45; Rs 7.86
Sadbhav Infra Projects stock is witnessing formation of bullish green candle on the daily chart. The stock is trading firmly above its 20- and 50-DMA (Daily Moving Average), which stand at Rs 5.91 and Rs 5.99, respectively. On the upside, the stock has near resistance at Rs 6.45. CLICK HERE FOR THE CHART
However, given the positive crossovers of the key momentum oscillators on multiple time-frames. The stock may attempt to break on the upside. Sustained trade above Rs 6.45 levels can trigger a rally towards Rs 11, with interim resistance seen at Rs 7.86.
DCM Financial Services
Current Price: Rs 5.98
Upside Potential: 42%
Support: Rs 6; Rs 5.95; Rs 5.59
Resistance: Rs 6.40; Rs 6.61
DCM Financial Services stock is seen trading above its 20- and 50-DMA, which stand at Rs 6 and Rs 5.95, respectively. On the weekly scale, the stock has consistently managed to sustain above its 20-WMA (Weekly Moving Average) on a closing basis since mid-May. The 20-WMA support stands at Rs 5.59.
On the upside, the stock has near resistance at Rs 6.40 and Rs 6.61; break and sustained trade above the same can trigger a rally towards Rs 8.49. CLICK HERE FOR THE CHART
B.A.G Films
Current Price: Rs 8.73
Upside Potential: 48.9%
Support: Rs 7.50; Rs 6.78
Resistance: Rs 9.75
B.A.G. Films has retraced sharply from its high of Rs 15.40 in January 2024. The stock is now seen attempting to hold the support at its 20-MMA (Monthly Moving Average), which stands at Rs 7.50; below which the next key support exists at Rs 6.78.
As long as the stock manages to sustain above these support levels, a pullback to Rs 13 levels seems possible. Interim resistance for the stock can be expected around Rs 9.75. CLICK HERE FOR THE CHART
Aksh Optifibre
Current Price: Rs 9.14
Upside Potential: 58.6%
Support: Rs 8.15
Resistance: Rs 10; Rs 10.43; Rs 12.18
Aksh Optifibre stock recently tested its 200-DMA after a gap of 5 months. Further, the stock is seen making higher-highs and higher-lows on the daily scale in the last two months.
As such, the near-term bias is likely to remain positive as long as the stock manages to hold above Rs 8.15 levels. On the upside, the 200-DMA at Rs 10 followed by the weekly super trend line at Rs 10.43 are the key hurdles. As and when the stock overcomes these hurdles, it can potentially rally to Rs 14.50 levels; with interim resistance seen at Rs 12.18. CLICK HERE FOR THE CHART
Yaari Digital Integrated Services
Current Price: Rs 9.94
Upside Potential: 49.4%
Support: Rs 9.33
Resistance: Rs 10.77; Rs 12.15
Yaari Digital stock witnessed a run-away gap at the start of this month. The daily chart shows that the stock is likely to remain bullish as long as it holds above Rs 9.33. On the upside, the stock is seen facing resistance around the higher-end of the Bollinger Bands at Rs 10.77.
Break and sustained trade above the same can trigger a potential rally to Rs 14.85 levels, with interim resistance likely around Rs 12.15. CLICK HERE FOR THE CHART
Rama Steel Tubes
Current Price: Rs 10.89
Upside Potential: 31.3%
Support: Rs 9.87
Resistance: Rs 11.40; Rs 13.09
Rama Steel Tubes is seen trading in an extremely narrow band of Rs 9.87 - Rs 11.40 on the daily scale. The price-to-moving averages action seems negative for the stock. However, the key momentum oscillators have shown positive crossover on the weekly time-frame; hence may attempt an upside breakout in the near-term.
The stock can potentially jump to Rs 14.30 levels, with interim resistance likely around Rs 13.09. CLICK HERE FOR THE CHART
Heads Up Venture
Current Price: Rs 12.16
Upside Potential: 26.6%
Support: Rs 12; Rs 11.84; Rs 11.26
Resistance: Rs 12.93; Rs 13.57; Rs 14
Heads Up Venture stock is seen consolidating above its 20-DMA in recent trading sessions. The 20-DMA stands at Rs 12, below which the next support is at Rs 11.84. Further, the weekly chart shows that the stock has consistently found support around its super trend line at Rs 11.26 for nearly 3 months now.
That apart, key momentum oscillators have shown positive crossover on the weekly time-frame. Hence, the stock may attempt to rally in the near-term.
On its way up, the stock faces multiple resistance around Rs 12.93, Rs 13.57 and Rs 14 levels. Break and sustained trade above these hurdle can open the door for an upside to Rs 15.40 levels. CLICK HERE FOR THE CHART
Steel Exchange India
Current Price: Rs 13.13
Upside Potential: 14%
Support: Rs 12.91; Rs 11.65; Rs 11.22
Resistance: Rs 13.76
Steel Exchange India stock is seen testing the 200-DMA for the fourth time this year post the breakout on January 24, 2024. During this period, the stock has hit a high of Rs 18.40 and a low of Rs 11.65. The 200-DMA at present stands at Rs 12.91 and it coincides with the super trend line support. On the downside, the next major support stands at Rs 11.22.
Whereas, on the upside, the 100-DMA at Rs 13.76 is seen acting as an immediate resistance for the stock. As and when the stock is able to overcome this hurdle, it can potentially rally to Rs 14.97 levels. CLICK HERE FOR THE CHART
Parsvanath Developers
Current Price: Rs 17.35
Upside Potential: 34%
Support: Rs 16.90; Rs 15.82
Resistance: Rs 18.26; Rs 20.50
Last week, Parsvanath Developers gave a breakout on the weekly scale. The short-term bias is likely to remain positive as long as the stock trades above Rs 16.90 levels; below which the next significant support stands at Rs 15.82.
On the upside, the stock has a near resistance at Rs 18.26. Break and consistent trade above the same can trigger a rally to Rs 23.25 levels. Interim resistance can be expected around Rs 20.50 levels. CLICK HERE FOR THE CHART
California Software
Current Price: Rs 17.35
Upside Potential: 37.6%
Support: Rs 16.91; Rs 16.36; Rs 15.64
Resistance: Rs 19.29; Rs 19.90; Rs 22.43
The key momentum oscillators for California Software stock are seen favourable across time-frames. On the charts, support for the stock is visible at Rs 16.91, Rs 16.36 and Rs 15.64 levels.
On the upside, the stock can potentially surge to Rs 23.88; with interim resistance likely around Rs 19.29, Rs 19.90 and Rs 22.43 levels. CLICK HERE FOR THE CHART
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