RMI scanner sparks new ‘buy’ signal in these stocks. Do you own any?

New Buy Signal

IT stocks rallied on the February 22 trading session, helping the Nifty 50 to close at all-time high levels. HCL Tech was the top BSE Sensex gainer, while TCS was the biggest contributor to the BSE Sensex gains.

We find 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.

Godrej properties: The shares are up by 19.46 percent on a year-to-date basis. Godrej Properties Limited (GPL), a real estate development arm of the Godrej Group, is trading at a PE of 99.6 with market cap of over 66,379 crore.

Tata Investments: Tata Investments shares have risen more than 63 percent on a year-to-date basis. Tata Investment Corporation is primarily engaged in the business of investment in listed and unlisted equity shares, debt instruments and mutual funds of companies in a wide range of industries. The stock is trading at a PE of 103 with a market capitalisation of Rs 35,303 crore.

Newgen: On a year-to-date basis, the Newgen shares price is down by more than 4 percent. In the past one year, the Newgen shares have surged more than 242 percent. Newgen Software Technologies is a global software Company trading at a PE of 50.3 with a market capitalisation of Rs 10,684 crore.

Price-Volume breakout

Graphite shares jumped 11.43 percent with an over four-fold spurt in volume. Midhani, ABB, Data Patterns, NCC, GR Infra, Hindustan Copper, HEG, Yes Bank, Cummins India, Thermax, Oberoi Realty, Indian Hotels, RBL Bank, Birla Soft and Crompton shares saw price volume breakout with shares price gaining up to 9.40 percent.

From the Nifty pack, we saw shares price gain with rising volume in HCL Tech, TCS, Axis Bank, Reliance, Asian paints and Grasim.

From the F&O list, ABB was the top gainer, up by more than 8 percent, followed by Hindustan Copper that jumped more than 7 percent and IDEA more than 6 percent.

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