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