High momentum stocks to keep an eye on 9-March-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.   

Jindal Saw Ltd: The stock has broken out from its 82-week cup pattern with massive volumes. On Thursday, it soared over 6% to mark a fresh 52-week high on NSE. Interestingly, it has formed 3 consecutive bullish bars on the technical chart, thus showing strong buying sentiment. Such strong momentum is expected in the upcoming trading session as well.

Rites Ltd: The scrip has crossed above its prior swing high with strong volume as it soared over 5% on Thursday. With this, it is now above all the key short term and long term moving averages. The technical indicators indicate strong strength in the stock and expect the stock to outperform in upcoming days. With the stock already trading at a day’s high, we can expect it to open gap-up in the next trading session.      

Sterling and Wilson Renewable Energy: The stock has soared over 4% following a strong breakout from its 58-week cup and handle pattern last week. The volumes have risen for sixth consecutive day and thus show strong buying interest among the market participants. Moreover, the short term moving Averages are trending upward, which is another positive signal. 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.