Traditionally, looking for trading opportunities was a mundane and time-consuming task. Traders had to spend several hours daily looking for the hottest stocks to invest in. They had to go through the balance sheet, profit and loss statements and notice other patterns in financials for all listed companies.
But now, the task of identifying stocks that will perform well in the future takes a few minutes only due to stock screeners/ scanners. Earlier, they were mainly used for long-term trading and could filter stocks for basic criteria such as moving average.
Stock screeners nowadays are connected to a data feed and can check stock trading opportunities in real-time. In addition, they provide the overall picture of past stock performance and where it stands among its competitors. So, active traders can use them to identify the potential setups for short-term positions.
What is a Stock Screener?
A stock screener is a tool that can identify and separate trading instruments like stocks listed by various companies on a stock exchange that fulfill certain metrics. The filter criteria to estimate future performance are specified by the traders and investors.
The tangible parameters can include dividend ratio, market capitalization, growth rate, average volume, volatility, price to earnings ratio (P/E), average return on investment, debt to equity ratio and other indicators.
Stock screeners display ratings and metrics to help traders and investors reach a suitable decision and prepare trading strategies accordingly. In addition, by analyzing several stocks at once, users can immediately remove stocks that do not meet their requirements.
Screeners can be technical, fundamental, or a hybrid of both. Technical indicators can include moving average, relative strength index (RSI) range, and so on. However, most screeners do not cover qualitative parameters like customer satisfaction, lawsuits, and the like. Nevertheless, they are present on popular trading platforms and websites.
How to Use Stock Screeners?
Steps to use stock screeners and get maximum output are:
Getting started: Create an account and choose a trading platform after proper research. Some platforms offer free in-built screeners while in other cases, you use them separately. Select the stock screener that fulfills your requirements. Many screeners provide customization options too. The idea is to keep it simple but useful.
Check chart patterns: Pick one or two chart patterns, do backtesting and master them. You will be able to anticipate where the odds are in your favor and better determine stop-loss and take-profit levels.
View technical Indicators: Technical indicators take price and volume data from the chart and show traders the parameters set by them.
Plan the timeframe: Plan timeframe according to your strategy and goals when setting filters. All the parameters should be selected for the same timeframe.
Prefer high volume stocks: Trading stocks with high volume means you will find enough buyers and sellers active in the market.
Do your own research: Never trust stock promoters blindly. Do proper research based on latest news, company announcements, and more.
Maintain a trading journal: Maintain a record of your trades, including your thinking process for the stock selection via screeners. Analyze it based on your wins and losses. Use it to help you improve your trading strategy and ability.
Create stock watchlist: Track stocks that you believe have potential across different market sectors on screeners. Then, do your research on these stocks to decide better when the market opens.
How do Stock Screeners Work?
Stock screeners have the database of thousands of companies listed on the stock markets. Different stock screeners have different criteria for filtering, although commonly used indicators are present on major platforms.
When a trader or an investor uses a stock screener, he or she will choose a set of variables with defined values. For example, you can screen all companies and get the ones with a market capitalization above INR 1 billion. The screener searches through the database and lists the stocks of all companies that fulfill the mentioned criteria.
You can view charts and other data analysis for individual stocks and start trading the ones you want one by one.
What to Look for in a Screener for Indian Stocks?
There are over five thousand companies listed on the Indian stock exchange market. To begin with online equity trading, users need a demat account.
Although several screeners help a user choose the right stock for investing money, what screener suits you the best depends on your budget, trading style and strategy, technological requirements, and much more. Some generic things to look for in Indian stock screeners or stock scanners are:
Operating platform: For desktop screener applications, more computing power is required. If you do not have access to a powerful computer, it is better to use a Web-based stock screener.
Budget: With numerous screeners in the market, the budget range is vast. Some screeners cost thousands, while others may be free or have a pay-as-you-go subscription model. Free versions may come with ads but can be great for beginners.
Technical expertise: Check the learning curve. Some screeners require deep statistical knowledge as well as programming skills. Others require users to begin with just a few buttons.
Industry-specific: For users searching for stocks in a particular industry, it is necessary to know if they are covered in the screener database. There may also be blind spots where a few companies in that sector show up under a certain user-defined profile.
Metric coverage: A good screener enables users to search stocks for any set of variables during quantitative analysis. But with so many possible combinations of factors affecting a stock, it is crucial to know what criteria you want to use. Some screeners have predefined variables like a set market cap, all-time high stock prices, optimal P/E range, and others to assist the investors and traders.
Update schedules: Ensure that your screener has been updated so that the data is relevant and up-to-date. Different screeners can update at different times.
Common Features of Stock Screeners for Intraday Trading
The intraday trading analysis involves keeping up with stocks in real-time when the market is open. Analysis can require looking for stock above 100 periods moving average, biggest movers of the day, and so on.
By immediately locating market trends as they occur, traders can easily jump onto the price highs and lows. This means that the selected stock scanner must be robust and able to analyze data rapidly. Common features of stock scanners for intraday trading are:
Real-time scanning: Traders must get a live view of market happenings. For this they need access and rapid, real-time connection to Indian equity markets. There are two main stock exchanges in India- the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). So, look for BSE and NSE stock screeners.
Paper or demo trading: Many screeners provide features like paper trading to help traders develop their skills without the risk of losing money.
Watchlists: Most stock scanners for intraday trading have watchlists of various stocks, sectors, and other market niches.
Database: Scanners must have accurate information on company profiles and other details to ensure proper research.
Customizable scans: Scanners provide options for a single rule, multi-rule, and variable scans. Users can save the scans they want and run them anytime. Some scanners even have preconfigured scans like crossovers and gappers in the library.
Stock Types: Popular scanners allow scanning for various stock categories like foreign stocks, regular securities, bankrupt stocks, etc.
Technical and fundamental filters: Technical indicators and variables can include moving average convergence divergence (MACD), statistical charts like Bollinger bands, and so on. Share structure, market capitalization, financials, and similar other filters are a part of fundamental variables. Traders must be careful of false trading signals and use those proven to be best over the years.
Price variables: Scanner libraries offer a wide range of price filters like net change, percent change, opens/closes, the last price, bid-ask, and much more.
Auto sorting: Automatically sort the stocks based on their liquidity and volatility.
Downloads: Analysis results of any scan can be downloaded in CSV and other supported formats.
15 Best Stock Screeners for Indian Stocks in 2021
- Ticker Tape
- Capital Cube
- Equity Boss
- Fatafat Screener
- Google Finance
Some of the best stock screeners that are powerful and can assist Indian traders and investors in day trading are:
Trade ideas is an AI-powered stock screener that tracks the trading day’s main movements and helps traders make decisions. There are customizable preset scans, and tracking is done based on technical, fundamental, and social data.
A column shows where the latest print stands compared to other day prints. A 100 indicates the recent print was a day’s high, while a zero shows that the last trade was low. The idea surfing feature constantly updates lists and charts in real-time.
Features of Trade-Ideas
- Browser and desktop-based
- Artificial intelligence (AI) powered robo-advisor
- Chart Windows
- Real-Time Simulated Trading
- Up to 500 price alerts
- Simultaneous charts
- Event based backtesting
- Risk assessment
Trade-Ideas Pricing: The pricing starts at INR 78,016.87 for a standard annual plan. The premium plan is offered at INR 1,65,676.27 yearly.
TradingView is a web-based charting and screening tool that enables screening on fundamental and technical indicators using multiple timeframes. In addition, it offers international stock exchange data in real-time.
There are options to create watchlists, view stock details, get news, and so on. Preset scans (Hotlists) help traders find the big movers for the day. Traders and investors can also create their stock scans.
TradingView Stock Screener Features
- 100,000+ public indicators
- Alerts on price, strategies, indicators
- 50+ drawing tools
- Chart in real-time
- Live to stream
- Paper trading
- Customer reviews
TradingView Price: The basic plan is ad-free and available for free. Pro plan starts at INR 1,092.17 per month. A free trial of 7 days is available for Pro, Pro+, and Premium plans.
Ticker Tape Technical Screener
Ticker Tape is an easy-to-use stock screener which can help traders with the stock screening process a lot. In addition, it has a great website suitable for beginners to professional traders and investors.
It offers stocks, exchange-traded funds (ETFs), indices, and mutual funds. There are numerous stock filters such as sector, market capitalization, close price, and more applicable on a single tab. Users can further customize the results based on their needs.
Ticker Tape Stock Market Tool Features
- Simple user interface
- 120+ filters for filtering out stocks
- Forecasts from analysts
- Investment suitability evaluation
- Data download
Ticker Tape Price: Ticker Tape pricing starts at INR 118 for a month. A free trial of 14 days is also available.
MoneyControl Stock Screener
MoneyControl stock screener uses the latest updates from Indian and international financial markets to screen stocks. Users can monitor their investments and get expert views. The mobile app offers voice-based search too.
The forum message board allows participants to engage in discussions depending on their interests. In addition, a smart calendar containing all-important business and economic events is also available.
- Latest market data (quotes, prices, charts)
- In house research
- Expert technical analysis
- Daily and weekly newsletters
- Recovery tracker
- Personalized watchlist
MoneyControl Price: The pricing starts at INR 129 per month (INR 49 currently for a limited period). There are yearly plans available too.
Zerodha’s Pi stock screener allows users to filter stocks through future estimates, broker ratings, financial ratios, technical indicators, and much more. The criteria can be saved for reloading anytime.
Real-time scanning works during trading days at a fixed time. Sectors available include energy, consumer staples, information technology (IT), financials, healthcare, industrials, and so on.
- Trade script programming language for coding
- Access to 70+ filters
- Custom filters
- Save unlimited screens
- Data export as a spreadsheet
- Works at low Internet bandwidth
Zerodha Share Price: Zerodha, an intraday stock screener, is a part of Tickertape. It is available for free to Zerodha’s customers.
Capital Cube Share Screener
Capital Cube by AI company Analytix Insights is one of the largest stock/ share screeners covering thousands of global equities. It provides in-depth company analysis compared to its peers according to factors like earnings, dividend strength, debt, and more.
The fundamental data is gathered from FactSet financial database. The search is quite simple, and navigation is easy. It saves research time by suggesting stocks to traders and investors. The platform offers stock and ETF research also.
Capital Cube Features
- Direct competitor comparison
- Portfolio analysis
- Data based metrics
- Simple language
- Graphical interpretations
Pricing of Capital Cube: Pricing is available on request. A free trial is available.
Investing.com Stock Screener
Investing.com is an investing stock screener that both novices and experts can use. Investors in India can perform fundamental and technical analyses for all the companies trading on NSE and BSE.
Investing screener offers various filters such as dividends, ratios, price, fundamentals, and volume. In addition, this NSE screener provides charts and quotes and the latest news and other information related to each company.
- Designate multiple criteria at once
- Livestock market data
- Analysis download
- Readymade fundamental, technical and performance screening
- Personalized screen
Inesting.com Price: It is available for free.
Screener.in Stock Market Screener
Screener.in is one of the most popular and easy-to-operate stock market tool. It is mainly used for the fundamental analysis of stocks. Users can create their watch lists and analyze them with query builder.
Using basic parameters, it acts as a readymade stock screener and compares previous quarters for companies in the same sector.
- Create stock screens, custom ratios
- Screen alerts
- Detailed peer comparison
- Pros and cons section
- Credit rating reports
- Priority support
- Customized export to excel
Sreener.in Price: It is available under a free plan for hobbyists. The premium plan starts at INR 4,999 per year.
Edelweiss Stock Scanner
Edelweiss stock screener is an offering from one of the most popular brokerage houses in India. It can be used by both beginners and seasoned traders/ investors. The mobile app helps traders make decisions on the go.
It provides the latest information on most active stocks, sector performance, previous weeks’ highs and lows, and much more.
- Focus on fundamental analysis
- Real-time stock market charts
- 20+ custom criterion
- Live share market news
- Customizable market watch
- Alerts and notifications
Pricing: Screener is available for free in both Lite and Elite plans.
Trendlyne is a website that can be used for query-based personalized screening focusing on both fundamental and technical analysis. It provides research reports, stock alerts, the latest business news, and others. It is mandatory to register yourself before use.
It gives updates on top losers and gainers, new highs and lows, and other relevant data for intraday trading. It also providers investment details for FII and DII investors.
- Bookmark screeners
- Create your screeners
- Real-time alerts
- In-depth Peer comparison
- Portfolio stress test
- Track and import watchlists
Trendlyne Price: It has both free and paid options. The pricing for the basic version starts at INR 2150 annually.
Equity Boss Intraday Screener
Equity Boss screens stocks using a rating and grading system. Grading depends on consistency and market performance over some time. The categories include best for potential outperformer stocks, good for consistent performers and poor for non-performing ones.
It is beginner-friendly and provides in-depth insights for making investment decisions. It covers more than 30 countries and 350+ technology sectors.
Equity Boss Features
- Unique grading system
- Detailed company profile and news
- Actionable insights
- Custom Notifications
Equity Boss Price: It is available for free. The platform offers pro, basic, and enterprise plans beginning at INR 36,000 per month.
MoneyWorks4Me is a powerful real-time stock screener that provides detailed company insights through information like past performance, financials, and others.
Users can check whether a stock is worth investing in with color codes. For example, green indicates very good stocks, and yellow denotes moderate, while red shows that you should not invest in them.
- Real-time updates
- Readymade research reports
- Auto-update portfolio
- SMS and email alerts
- Customized watchlist
- Real time portfolio analysis
- Information library
MoneyWorks4Me Pricing: The screener is available for free with the Pro version at INR 4,999 annual cost. Under the pay what you can option, you can start at INR 1,999.
Fatafat screener is a web-based application that provides a simple way to scan stocks. Their operating sector identifies the companies. Users can track stocks with active price breakouts.
It is powered by the Google Apps framework to start real-time screening. There are numerous parameters for comparison, like opening gaps, current market price, percent deviation in price, and various others.
Fatafat Screener Features
- Intraday change % and gap fill
- Live Trend reversal
- Stock profiler
- One-click live charts
Fatafat Screener Pricing: It offers a free/ Lite version. The Premium version starts at INR 999 per month.
Chartink India offers numerous types of scans to traders and investors, including fundamental, candlestick screener, intraday bullish, intraday bearish, crossover, and so on. In addition, you can choose from a wide range of technical indicators like MACD, RSI, ADX, SMA, EMA to get accurate and fast scans.
Max and min functional filters calculate the highest and lowest values for other filter components. You can perform operations like comparison and arithmetic of filter components too.
Chartink India Features
- 150,000+ scans
- Option to create customized screener
- Save scans
- Backtesting tool
Chartink Pricing: Custom stock screeners by Chartink India are free of cost. Pricing of premium subscriptions for scan alerts starts at INR 780 per month.
Investello Investing Screener
Investello Investing Screener lets investors and traders filter stocks based on criteria that meets their performance, safety, and valuation requirements.
These include filtering by industry, sectors, free cash flow growth, market price/ valuation model price, revenue yield, and much more. The companies shown suitable for investment are free from red flags such as high debt, a higher number of pledged shares, and so on.
- Peer comparison
- Valuation analysis
- Focus on fundamental analysis
- Normalized figures
- Daily updates
Investello Pricing: It offers a free signup feature. Pricing for the premium plan is available on request.
Google Finance Stock Screener
Google Finance Stock Screener focuses on technical analysis and stock chart patterns for filtering stocks suitable for intraday trading. The parameters include RSI, MACD, moving average, price, volume, bollinger bands, MFI, among others.
Users can identify extreme conditions like overbuying or overselling of stocks. You can also sort stocks based on the trends.
Google Finance Features
- Up to date financial news
- Focus on technical analysis
- Real-time market quotes
- Create a watchlist to track investments
- Market trends
- Earnings calendar
- Stock suggestions
Google Finance Price: The app is available for free. There are in-app purchases.
Make the Right Move with Technical Screeners for Indian Stocks
Technical screeners for Indian stocks are more suitable for shorter-term traders as they provide future pricing forecasts and volume trends based on the latest chart patterns.
These intraday screeners are more suitable for shorter-term traders as it provides future pricing forecasts and volume trends based on latest chart patterns. While fundamental factors are suitable to select the companies, technical factors are important for day-to-day entry or exit prices.
Intraday trading using technical analysis involves stock screening, chart scanning, and trade setup. With technical indicators, it is easy to find a few suitable stocks among thousands available.
After investors scan charts of the shortlisted stocks for possible entries and analyses all charts in detail, they proceed with the trade. Thus, intraday trading using technical analysis involves stock screening, chart scanning, and trade setup.
With technical indicators by intraday scanners, it is easy to find a few suitable stocks among thousands available. After investors scan charts of the shortlisted stocks for possible entries and analyses all charts in detail, they proceed with the trade.
- What do stock screeners do?
A stock screener can sort stocks and display the ones that satisfy user-defined criteria from a list of thousands. They can also display the latest news, trends, allow you to follow seasoned investors, among others.
This helps traders and investors identify critical opportunities in day trading, and they have to go through only the shortlisted stocks.
- What is the best stock screener in India?
Some of the best screeners for Indian stocks include Screener.in, Chartink India, and Fatafat screener. These screeners provide actionable stock and company insights for making the right trading decisions.
- What is stock selection screener?
The stock selection screener selects stocks that fit the criteria defined by the user (trader or investor). The selection parameters can be fundamental, like a company’s financials or technical indicators like moving average for stock momentum.
- What is the role of the screener in share?
Screeners can filter out various trading instruments or securities like a collection of shares (stock). They are mainly used to pick the right shares for investors to gain future financial benefits.
- Do stock screeners work?
Yes, stock screeners work well if an individual knows how to use them to his/ her advantage. Stock screeners can be the quantitative and unbiased way to prioritize stocks based on a given criteria and then do an in-depth analysis. However, it takes experience and learning to use the right input variables for filtering.
- What do stock screeners do?
Stock screeners save time and help investors and traders in making evidence-based decisions. Common technical analysis indicators include relative strength index (RSI), MACD, on-balance volume, stochastic oscillator, and more. Return on equity (ROE), price to sales ratio (P/S), free cash flow (FCF) and the like lie in fundamental category.
- When to use stock screeners?
Stock screeners are used when you decide which stock to trade/ invest in. After you filter the stocks on fundamental and technical criteria, finalize the stocks based on individual analysis and proceed with actual trading.
- Are stock screeners good?
Yes, they can easily filter the relevant stocks from thousands of available stocks that best fulfill the criteria set by stock traders and investors. But it is important to identify which stock screener can work best for you.