Introduction
The NIFTY 50 represents the 50 largest and most liquid companies listed on the National Stock Exchange of India. Monitoring these stocks helps traders understand the overall trend and momentum of the Indian equity market. This Nifty 50 End-of-Day (EOD) scanner combines two popular trading strategies — the Minervini Trend Template and the Connors RSI(2) Strategy. By combining trend strength with short-term momentum signals, this tool helps identify potential buy-the-dip opportunities in strong Nifty 50 stocks.
Nifty 50 EOD Scanner
How to Use This Scanner
This scanner combines two famous trading strategies used by professional traders.
Mark Minervini Trend Template:
Stocks must be above their 50, 150 and 200 day moving averages and near their 52-week highs.
Larry Connors RSI(2):
RSI(2) detects short-term pullbacks. When RSI(2) drops below 10, stocks often bounce quickly.
Best Setup:
UPTREND + RSI(2) below 10 = High probability dip buying opportunity.
Signal Meaning:
🟢 BUY DIP – Strong trend pullback
🔴 SELL – Overbought
⚪ WAIT – No setup
How This Nifty 50 Scanner Works
This scanner evaluates each Nifty 50 stock using three key factors:
1. Trend Strength
Stocks trading above their 50-day, 150-day and 200-day moving averages often indicate institutional accumulation and strong bullish momentum.
2. Momentum Pullbacks
Short-term pullbacks are identified using the RSI(2) indicator, which measures extremely short-term overbought and oversold conditions.
3. Combined Trading Signal
By combining both indicators, the scanner identifies potential:
- Buy-the-dip opportunities
- Overbought conditions
- Neutral setups require patience
Signal Meaning
🟢 BUY DIP
A stock is in a strong long-term uptrend but experiencing a short-term pullback.
Many swing traders look for these setups to enter trending stocks.
🔴 SELL
The stock is currently overbought based on RSI(2) and may experience a short-term pullback.
⚪ WAIT
No high-probability setup based on the current conditions.
Why Use a Nifty 50 EOD Scanner?
The Nifty 50 includes India’s largest companies across sectors such as banking, IT, energy, FMCG and pharmaceuticals.
Using a scanner helps traders:
- Quickly identify strong stocks
- Detect short-term trading opportunities
- Avoid weak market conditions
- Focus on high-liquidity stocks
This makes it particularly useful for swing traders and positional traders.
Trading Strategies Used
Minervini Trend Template
The trend template developed by Mark Minervini focuses on identifying stocks in strong stage-2 uptrends. These stocks often show sustained momentum and institutional demand.
Connors RSI(2) Strategy
The short-term pullback strategy developed by Larry Connors uses a 2-period RSI to detect extreme short-term conditions where prices may reverse quickly.
Combining these strategies helps traders find high-probability pullbacks in strong trends.
How Traders Use This Scanner
Many traders follow a simple process:
- Identify UPTREND stocks
- Wait for RSI(2) pullback
- Enter the price strength or reversal
- Exit when the stock becomes overbought
This approach attempts to combine trend following with mean reversion, a popular technique used by many professional traders.
Nifty 50 Stocks Covered
This scanner analyses all stocks included in the NIFTY 50, such as:
- Reliance Industries
- HDFC Bank
- ICICI Bank
- Infosys
- TCS
- ITC
- Larsen & Toubro
These companies represent a large portion of the Indian stock market capitalisation.
Disclaimer
This Nifty 50 EOD scanner is for educational and informational purposes only. It does not constitute investment advice. Traders should always perform their own research and risk management before making trading decisions.
Next, Check Out Other Market Charts
- Click Here to track live Gift Nifty movement and global market sentiment before the Indian market opening.
- Click Here to monitor EOD movement and technical strength of Nifty Next 50 companies.
- Click Here to follow end-of-day trends and momentum in leading midcap stocks.
- Click Here to evaluate market valuation using the historical PE ratio indicator.
- Click Here to study Point & Figure trend analysis for index movements.
- Click Here to measure market breadth and sentiment using the TRIN indicator.
- Click Here to track real-time market breadth using advancing versus declining stocks.