Best Penny stocks for intraday

Best Penny stocks for intraday: Investors opt to buy multibagger penny stocks, which will generate very high returns in a short period of time.

Penny stocks can also be considered for intraday.

What are penny stocks?

• Penny stocks are traded at a very low price on the stock exchange.
• Generally, shares that are valued below Rs. 50 are considered to be penny stocks.
• Penny stocks are illiquid and also have a very low market capitalization value.
• Traders who choose to speculate in penny stocks lead to high volatility levels in the penny stocks.
• Apart from the increased risk, penny stocks also have the potential to generate massive returns for their investors.

List of best penny stocks for intraday:

The following is the list of the best penny stocks:

Don’t Forget to Check: Penny Stocks Share Prices between Rs 1 to Rs 10

1. Vodafone Idea:

• Vodafone Idea is shortened to Vi.
• It is an Indian telecom operator and was formed through a partnership between Aditya Birla Group and Vodafone Group.
• The company provides voice and data services across 2G, 3G, 4G, and 4G+ platforms.
• The price of the shares of the company is currently hovering at Rs. 8.50.
• This price is very much closer to its 52-week low price, i.e., Rs. 7.75.
• The share of the company has gone up by 12% in the last month and has also generated a return of over 80% in the past 3-year period.

2. Suzlon Energy:

• Suzlon Energy is an Indian multinational wind turbine manufacturer.
• The company is headquartered in Pune.
• It has been offering a 360-degree solutions package that will cover the entire spectrum of wind energy projects to its customers since 1995.
• The current share price is Rs. 6.70, which is very close to its 52-week low range of Rs. 5.90.
• This share is also highly speculative and has generated a return of 21% in the past month.
• The return of the company over the last 3 years has been approximately 190%.

Also Like: Best Penny Stocks to buy in India for 2022

3. Indian Overseas Bank:

• IOB is a nationalized bank under the Ministry of Finance.
• The bank was founded in 1937 and is based in Tamil Nadu.
• The government holds over 96% of the bank’s shares.
• The bank also has overseas branches in Singapore, Hong Kong, Colombo, and Bangkok.
• The share price is currently at Rs. 17.15.
• This share price has zoomed over 9% in the last month and it has also improved by 14% over the last 3-month period.
• The stock has also provided a return of nearly 91% in the past 3 years.

4. Alok Industries:

• Alok Industries is India’s largest fully integrated textile company.
• The specialty of the company lies in cotton and polyester garments.
• The share price of the company is Rs. 16.90, which is also very near to its 52-week low price range of Rs. 16.80.
• The company has also generated a stellar return of more than 745% in the past 3 years.

Also Like: Top #10 Multibagger Penny Stocks below 1 Rupee in India

5. Hemang Resources:

• The company was initially incorporated as an NBFC.
• Later, in 2015, its certificate was canceled, and since then, Hemang Resources has been engaged in the business of coal and infrastructure.
• The share price of the company is Rs. 43.40.
• The share price has given a return of 1264% in 2022.
• It has also rallied by over 930% over the past year.

Factors to be considered for choosing penny stocks:

Penny stocks have the potential to be multi-bagger stocks.

But you will have to consider the following factors before choosing any penny stock:

Diversification:

• Penny stocks are considered to be volatile and illiquid.
• Hence, instead of choosing just one penny stock, you should diversify by choosing multiple penny stocks.
• This means that you will have to decide how much risk you will apportion to the penny stocks and then split it among different penny stocks.

Low Pricing:

• You can filter out the stocks based on fundamentals and pricing.
• Consider a trade in penny stocks that are priced in the lower range so as to be able to minimize the losses and also improve your chances of making gains.

Also Read: Best Tobacco Stocks in India for 2022

Conclusion:

We hope that the above blog gives you an idea of the best penny stocks for intraday.

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