Multibagger penny stocks for 2023 Multibagger penny stocks for 2023
The year 2022 was a remarkable year for the Indian stock market as the Indian secondary market climbed to its new high due to the global economy covid-19 pandemic. A large number of stocks entered the list of multibagger stocks which include BSE SME and some penny stocks as well. According to experts, investing in penny stocks is risky.
Because low liquidity in a stock causes high volatility following a single trigger. However, if a small company’s fundamentals are strong, investing in penny stocks can generate returns much higher than the average benchmark index return.
On the monthly chart, Suzlon Energy share has given a five-month breakout and remains above the earlier high of ₹9.45 made in July 2021. It is also forming an inverted head and shoulders pattern, which is a trend reversal signal. , Moreover, the price has managed to stay above the upper Bollinger Band formation, which suggests bullish strength in the stock. The volume activity has also been gradually increasing since the past few months, indicating buying interest among traders.
One can initiate a long position in Suzlon Energy shares around ₹10 or a fall in the price till ₹8 levels, can be used as a buying opportunity to target above ₹15 and ₹20 levels, while Support is placed near ₹6 level which can be considered as stop loss on closing basis.”
On monthly scale, IFCI share has given six months consolidation breakout and moved above earlier high of ₹16.4 on Jun 2021 rally on Accenture volumes. On the weekly time frame, the stock is continuing to move higher with higher highs and higher lows forming. Moreover, the stock has also given a breakout of the bullish flag pattern with heavy volume and re-tested the upper band of the pattern, indicating a bullish counter.
One can initiate long positions in IFCI around Rs 16 or a dip in the price towards Rs 14 levels, this can be used as a buying opportunity to target from above. ₹25 & ₹30 while support is placed near ₹11 level, which can be considered as stop loss on closing basis.”
Vodafone Idea Vodafone Idea
On the monthly chart, the stock has breakout of its strong resistance level of ₹13.50 and remained above it indicating strength in the counter. On the daily chart, the stock is given a breakout of the upper band of the symmetrical triangle line formation which indicates an upward journey in the counter. Moreover, the stock is trading above 100 and 50 days moving averages
Which shows positive trend for some time. On the weekly chart, the stock has breakout of an inverse head and shoulders pattern, which is a bullish reversal signal.
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