These three stocks flash ‘new buy' signals on RMI scanner

New Buy signal

The Nifty PSU Bank index ended the April 3 trading session as the top gainer with a 1.78 percent rise. Broader markets, on the other hand, outperformed with the Nifty Microcap 250 index up 1.57 percent and Nifty Smallcap index up 1.16 percent as against a flat 0.27 percent rise in the benchmark Nifty 50.

On the BSE, at least 154 stocks hit fresh 52-week highs and 17 made fresh 52-week lows. Glenmark Pharma, Voltas, Shriram Finance, Cummins India, Siemens, Grasim, Colgate-Palmolive, JSW Energy and  HAL are some of the BSE 500 trending stocks that closed near their respective 52-week highs.

We find three shares flashing 'new buy' signals 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.

Coforge: The shares went down by more than 12 percent in one month. On a year-to-date (YTD) basis, the Coforge shares have shed more than 8 percent, while in the last one year, they surged over 38 percent. Coforge is trading above its 10-day simple moving average (SMA).

Also read : Of myths and midcaps: Four tortoise stocks that won the race in 2024

Alok Industries: Alok Industries shares are up by more than 36 percent YTD, while they have gained 135 percent in the last one year. The shares are trading above their 10-day SMA and 20-day SMA with momentum indicators showing a bullishness.

Gujarat Ambuja Exports: The shares are down by more than 6 percent YTD, while in the last one year, they surged over 36 percent. The shares of Gujarat Ambuja Exports are trading above their 10-day SMA.

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