High momentum stocks to keep an eye on 3-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:            

Engineers India: The stock has surged by a massive 16% during Wednesday’s trading session, backed by huge volumes. The volume stood multifold and greater than the 50-day average volume. It has registered a technical breakout from its downward-sloping trendline. The stock trades at 52-week high levels, and we can expect a gap-up opening in the next trading session.

Bharat Dynamics Limited: The scrip registered a breakout from its 27-week consolidation pattern with good volumes. It soared over 4% on Wednesday and trades at an all-time high level. The buying activity remained elevated throughout the day, as evident from the rise in volumes. We can expect it to remain positive in the next trading session as well given the bullish technical setup.

Power Mech Projects: The stock is in a strong uptrend, having surged over 75% since the February low. The volume of Wednesday emerged to be the highest in recent days as the stock soared over 6%. The positive price action and bullish technical parameters suggest good momentum for the stock.