Exploring the Market's Forward Trajectory
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The market is at an interesting juncture, it seems like an excellent opportunity to add on fundamentally good companies
How did I identify such companies using a Funamental+Technical Approach:
Nifty Analysis:
Nifty broke the previous low of Aug 31 - 19921 but is now trading at an interesting juncture having 3 support levels as mentioned in the chart below
Nifty Outperformers / High Relative Strength:
I ran a Performance scanner on RZone to find companies still trading above the lows of Aug 31 Total Market. Impressively, only 171 companies remain 3% above their 31/08/2023 lows, demonstrating the strength
Filtering companies with good fundamentals:
I now made a group of these 171 companies in Rzone in order to run a fundamental scan in Radar
Ran a scan in Radar and among the 171 companies, approximately 10% (18 companies) have reported Qtr Rev and PAT growth of 10% YoY:
Note that, as of October 25, not all have disclosed their Q2 FY24 results
If we run the scan on all the companies not limiting them to only the latest results then 75 companies get filtered out of 171
These companies now are Relatively stronger compared to Nifty and also have reported good numbers
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thanks
