RMI Scanner generates new ‘buy’ signal in these 4 stocks; do you own any?

From the pack of Nifty 50, Grasim and Bajaj-Auto experienced a volume breakout.

Nifty made fresh life-time highs on February 19 as we saw small caps outperform the key benchmark indices. MRPL was the top small cap gainer, up by 19.23 percent while JBMA, BF Utilities, Novartis India, and Hitech Pipes each gained by more than 15 percent.

We found some shares generating a "new buy" signal on the daily time frame, according to the RMI scanner. The Rohit Momentum Indicator (RMI) generates buy and sell signals. It is a non-range bound indicator.

Here is the list:

RMI scanner generating new 'buy' signal

Aarti Drugs: The shares are up by more than 9 percent on a year-to-date basis. The 52-week high for Aarti Drugs is Rs 645.75 per share. Aarti Drugs is one of the leading producers of Metformin in the world. Its market cap is Rs 5,011 crore.

Confidence Petroleum: The shares of Confidence Petroleum India are higher by more than 29 percent on a year-to-date basis. Confidence Petroleum India shares are buzzing on bourses as the company recently announced it has formed a strategic alliance with Norway-listed BW LP, a prominent LPG shipping and trading company. Confidence Petroleum India is engaged in manufacturing of LPG cylinders and is also a supplier of auto LPG in India with its network of bottling plants and Auto LPG dispensing stations across the country.

FIEM Industries: FIEM Industries shares are up by more than 20 percent on a year-to-date basis. FIEM industries is engaged in the business of manufacture and supply of auto components like automotive lighting. The market cap of the company is Rs 3,250 crore and the 52 week high for the company is Rs 2,590 per share.

Gujarat Alkalies and Chemicals: The shares of Gujarat Alkalies are up by 1.15 percent on a year-to-date basis. Gujarat Alkalies and Chemicals Ltd is a multi-product chemical manufacturing company and is one of the leading manufacturers of Caustic Soda Lye. The dividend yield for Gujarat Alkalies and Chemicals shares is 2.87 percent and the current market cap is Rs 6,019 crore.

Market movers 

From the pack of Nifty 50, we saw price volume breakout in Grasim and Bajaj-Auto. Grasim shares jumped higher by 2.99 percent with spurt in volume of over 1.59 times. Shares of Bajaj-Auto gained 2.22 percent with a rise in volume of 1.66 times.

Price Volume breakout was seen in Rajesh Exports, Supreme Petrochem, KIOCL, CRISIL, Archean Chemicals, Quess Corp, PB Fintech, HFCL, Engineers India, RVNL, Adani Wilmar, Dixon Technologies, BLS International Services, Sonata Software, Redington, and Godfrey Philips India.

Home First Finance, Motila Oswal Financial Services, HDFC AMC, Schaeffler India, and Honeywell Automation were seen trading with losses upto 5.97 percent.

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