High momentum stocks to keep an eye on 22-May-2023

Looking for stocks that could deliver good returns soon? 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 to keep an eye on.    

Adani Enterprises: This Adani stock has registered a strong technical breakout from its consolidation pattern as it soared over 17% on Monday. The volumes recorded were massive after so many days, thus showing renewed buying interest. We can expect this bullish move to continue in the next trading session given such strong price action.   

Muthoot Finance: The scrip soared over 8% on Monday and is above all its key short- and medium-term moving averages. On the technical chart, it has formed a higher high and high low, which indicates an uptrend. The volume is found to be greater than the 10-day and 30-day average volume. With the stock already trading at the day’s high, we can expect it to show a positive move in the next trading session.   

Balkrishna Industries: After three days of fall, the stock witnessed strong buying sentiment and surged 5%. Rising volumes were recorded for the past few days and show active participation levels. It now trades above all its key moving averages, while the technical parameters also indicate strong strength in the stock. Such positivity is likely to be reflected in the next trading session.