High momentum stocks to keep an eye on 17-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.       

Exide Industries: The stock has registered a massive breakout from its 23-week cup pattern with massive volumes. The battery manufacturer stock has soared over 5% to trade at fresh 52-week high levels. The volumes stood greater than 50-day average volumes. With the stock already trading at a day’s high, we can expect a good movement from here on.

Cyient: The stock has showed a multi-year breakout on the technical charts, with strong buying activity emerging in recent period. It is up by 4% during Wednesday’s trading session, backed by rising volumes. The technical parameters suggest strong upside momentum in the stock. Such momentum is likely to continue in the next trading session as well.  

Chalet Hotels: The scrip witnessed a sharp rally of 3% on Wednesday and currently trades at its fresh all-time high level. It has registered a breakout from its 29-week cup pattern, which is a sign of bullishness. The volumes stood massive and multifold, thus showing renewed buying sentiment 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.