RMI scanner generates 'new buy' signal in some stocks. Do you hold any of these?

The outlook for bank credit offtake continues to remain positive for FY24.

The BSE Sensex ended the February 15 trading session in the green with M&M being the top BSE Sensex gainer, rising more than 6 percent. M&M and HDFC Bank shares contributed the most to the gains in the BSE Sensex. PSU banks and PSU stocks built on their gains of February 14 trading session with the Nifty PSU bank index and Nifty CPSE index closing higher by more than 3 percent each.

Volatility index India VIX slipped by 1.36 percent, closing at 15.22 levels, indicating a drop in volatility.

Broader markets outperformed the key benchmark indices with the BSE Midcap index closing higher by 0.93 percent and the BSE Smallcap index closing higher by 1.24 percent.

MRPL was the top BSE Smallcap index gainer, up by more than 19 percent. KIOCL, Tips Industries, Force Motors, Tanfac Industries and Gensol Engineering are the other small cap buzzers that caught investors’ attention with their positive price volume action.

Follow our live blog for all market action

The shares of Vedanta, Gland Pharma , Rajesh Exports, Muthoot Finance, UNO Minda and Narayana Hrudalaya saw weakness in shares price with rising volumes.

The BSE Momentum index was up by 1.01 percent indicating buying in momentum stocks. Some shares were seen generating a ‘new buy’ signal on the daily time frame, according to the RMI scanner.

RMI indicator or Rohit Momentum Indicator is a momentum indicator that generates buy and sell signals. It is a non range bound indicator.

More about the stocks with positive momentum according to the scanner:
Aarti Industries shares are up by 16.2 percent in 1 month. Aarti Industries is a leading Indian manufacturer of Speciality Chemicals with a global footprint.

Aster DM shares are up by 12.2 percent in 1 month. Aster DM Healthcare Limited is a multinational for-profit private hospital network founded by Azad Moopen in 1987.

The shares of HOEC gained by 17 percent in 1 month. The Company is engaged in the exploration, development and production of crude oil and natural gas in India, both onshore and offshore.

HPCL shares have gained by 26 percent in 1 month. HPCL shares are seen gaining on bourses as brokerages have raised the target price for HPCL.

Inox Wind shares gain by 35 percent in 1 month. Inox Wind is one of India’s leading integrated wind energy manufacturer and solution provider.

ITD Cementations has gained by more than 21 percent in 1 month and has recently declared decent set of number with healthy order book projection for FY25. ITD cementation is one of the leading Engineering and Construction Companies undertaking Heavy Civil, Infrastaruture and EPC business.

KIMS share price is up by more than 12 percent in 1 month. KIMS hospital is one of the largest corporate healthcare groups in India, with hospitals in Telangana, Andhra Pradesh & Maharashtra providing multi-disciplinary integrated healthcare services.

MRPL shares are up by 38 percent in one month. MRPL has given positive returns in each month for the past 12 months. MRPL is a division of ONGC.

Neuland Lab shares are up by 26 percent in the past 1 month. Neuland Laboratories is a leading manufacturer of active pharmaceutical ingredients (APIs) and an end-to-end chemistry-related solutions provider for the pharmaceutical industry.

Oil India shares are up by 47 percent in 1 month. The shares of Oil India have closed in green in the past 5 consecutive months. Oil India shares are trading at record highs. Oil India is a central public sector undertaking engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of liquid petroleum gas.

The shares of Tips Industries are up by 22 percent in 1 month. Shares of Tips Industries are trading at life highs. Tips Industries Limited is an Indian music record label and film production, film promotion, and film distribution company in Mumbai.

Torrent Power shares are up by more than 18 percent in one month. The shares of Torrent Power are trading at life highs. Torrent Power is an integrated power utility and is one of the largest private sector players in India having interests in power generation, transmission, distribution and manufacturing and supply of power cables.

Sudardshan Chemical share are up by more than 10 percent in 1 month. Sudarshan Chemicals is a global supplier of high-end pigments with a diverse range of products ranging from organic, inorganic and effect pigments to performance colorants, pearlescent pigments and speciality chemicals.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.