These momentum stocks flash 'new buy' signals: Do you own any?

Bull market

The BSE Sensex slipped nearly 900 points as the market reacted to negative global cues. All sectoral indices traded in the red, barring the BSE Oil & Gas and the BSE Energy indices.

Few stocks displayed positive momentum in a weak market, while some shares generated a 'new buy' signal on the daily time frame, according to the RMI scanner. The Rohit Momentum Indicator (RMI) is a non-range bound indicator.

ISGEC: According to the seasonality, ISGEC shares have risen on an average by 7.4 percent in April in the past 10 years. In one month, the shares of ISGEC have gained more than 11 percent, while in one year, the ISGEC shares have delivered 114 percent returns. Trading above their short-term daily SMA of 10 days and 20 days, the ISGEC shares are indicating near-term bullishness.

Also read: Record advance-decline for April: False start or reason to be bullish?

Neulandlab: The Neaulandlab shares are trading above their 10-day and 20-day SMA, indicating near-term bullishness. The shares of Neulandlab are up by 34 percent on a year-to-date basis, while in one month, Neulandlab shares are up by more than 13 percent. According to seasonality Neulandlab shares on an average have delivered returns in excess of 15 percent in April.

Polycab: Polycab shares are up by more than 10 percent in one month, while on a year-to-date basis, Polycab is down by more than 2 percent. As per seasonality, on the average, Polycab has delivered more than 4 percent returns in April in the past 10 years. The shares are trading above their 10-day and 20-day SMA.

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