High momentum stocks to keep an eye on 12-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.      

Cera Sanitaryware: The stock has broken out from its consolidation pattern with massive volumes. On Friday, it surged over 6%, guided by a huge spurt in volumes. With this, it has marked a lifetime high level on the exchanges. It has formed a bullish bar on the technical chart and is expected to trade higher in the upcoming session as well. 

Glenmark Pharmaceuticals: The scrip is in a steady uptrend, having soared over 45% in nearly 2 months. The volumes have remained elevated during this period, and the stock hit a fresh 52-week high level on Friday. It surged over 5% today and traded at the day’s high. We can expect it to open gap-up in the next trading session given the bullishness.

Chalet Hotels: The stock has broken out from its 26-week cup pattern with good volumes. It jumped over 3% during Friday’s trading session and trades at fresh all-time high levels. The volume stood greater than the 50-day average volume. Also, technical parameters suggest positive momentum in the stock. The bullish bias is very well reflected in the volumes, and thus, we expect the stock to outperform the broader market in times to come.