High momentum stocks to keep an eye on 5-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.                

Rites Ltd: The scrip has registered a technical breakout from its 26-week cup pattern with good volumes. In the last 2 weeks, the stock has jumped over 20% and displays strong upside momentum. Moreover, the stock trades above all its key short-term moving averages. It is likely to open with a gap-up in the next trading session given its bullishness.

JK Tyres: The stock is nearing its 21-week cup pattern breakout level as it soared over 5% on Friday. Interestingly, the volume recorded in the past few days has been above average and indicates strong buying activity. With the stock already trading at the day’s high, it is expected to see a further upside in the near term.         

TVS Motor Company: This stock opened with a huge gap-up and continued to trade higher as the day progressed. It has surged over 4% during Friday’s trading session and has hit fresh all-time high levels. It has crossed above its prior swing high supported by good volumes. The technical parameters indicate positivity and a strong surge in volume justifies upside momentum. It is expected to attract traders in the next trading session.