India’s benchmark index, the Nifty 50 has dropped 4.4% over the past month due to weak market sentiment caused by the banking crisis in the US and Europe. Banks like the Silicon Valley Bank (SVB) in the US and Credit Suisse Bank in Europe have faced a crisis where SVB was forced to shut down, and UBS bought Credit Suisse in the midst of a liquidity crunch for $3.2 billion.
However, despite weak market sentiment, some stocks have bucked the trend and risen over the past month, with a jump in their Trendlyne momentum scores signalling rising buying interest.
This screener shows stocks whose momentum scores are above 50 and have risen sharply compared to the previous month and week. A stock scoring above 50 is considered to be moving into the bullish zone. Trendlyne’s Momentum Score is calculated for each stock every day based on more than 30 different technical indicators, and helps identify stocks that are bullish or bearish across multiple metrics.
Many stocks in the rising momentum screener belong to the pharmaceuticals and healthcare facilities industries, as these are considered to be defensive and relatively immune to economic slowdowns.
Pharmaceuticals and healthcare facilities stocks like Abbott India, Torrent Pharmaceuticals and Max Healthcare have seen their momentum scores improve by 13.9, 10.2 and 14.9 points respectively. This aided Max Healthcare and Torrent Pharma to jump to the good momentum score classification (Trendlyne momentum score > 50) from a medium classification.
Oil marketing companies like Bharat Petroleum Corp and paint companies like Berger Paints (India) have been rising since Brent crude price fell below $80 per barrel in December. Drop in crude prices also aids paint stocks as oil is a raw material used to produce paints.
Bharat Petroleum’s Trendlyne momentum score jumped by 16.3 points over the past month, while Berger Paints’ momentum score rose by 13.8 points over the same period helping the stocks to classify in the good momentum score category. Brent crude prices also hit a 15-month low of $ 70.9 per barrel on Tuesday which could help these stocks to rise further.
Godrej Consumer Goods’ momentum score improved by 11.3 points to 65.9 over the past 30 days. The stock touched its 52-week high of Rs 964 on Tuesday and is currently trading above all its SMAs.
Power Grid Corp has risen 3.4% over the past month aiding the stock’s momentum score jump by 33.6 points. The electric utilities stock rose on the back of four order wins over the past month while also approving a capex of Rs 4,071 crore for expansion in the eastern region and the commission of the transmission system in Kurnool Wind Energy Zone.
See the full screener here.
