High momentum stocks to keep an eye on 10-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. 

EPL: The stock has broken out from its upward sloping channel and has soared nearly 10%. The volume recorded on Wednesday is the highest in many days, indicating fresh participation level. Also, the stock trades above all its key short-term moving averages. It is expected to trend higher in times to come given such bullishness.

TV18 Broadcast: The scrip surged over 7% on Wednesday and registered a breakout from its triangle pattern. The breakout is backed by above average volume and strong relative strength. With the stock already trading at day’s high, it is expected to open positively in the next trading session.

Godrej Industries: The stock jumped nearly 5% today backed by massive volumes. The volume stood greater than 50-day average volume and the stock has broken out from the triangle pattern. Interestingly, it has also crossed above its medium-term resistance of Rs 460 level. Also, all the key MAs are pointing upwards, thus showing bullishness across all timeframes. With such renewed buying interest, the stock is likely to see a good up move in times to come.