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Earlier, looking for trading opportunities was a humdrum and time-consuming task. Traders and investors had to spend hours regularly looking for the best and hottest stocks in the market. Traders had to go through profit and loss statements, balance sheets, and other financial statements to sort out the best stocks to invest in. But, now, with the advent of technology, the task of identifying ideal stocks has become lucid because of the stock screener app.
In the contemporary world, the amount of money you are earning is never enough to meet all your financial needs. For living a comfortable and steady life, you need to venture into multiple income sources. It is really important to invest your money for it to grow. Investments are assets with the potential to accrue wealth over time. Your investments can help you reach your financial goals if you invest them wisely.
Modern-day Indian traders are mostly focused on investing in shares and stocks. Investors and traders who invest in anchor companies with good growth potential can reap great rewards over time.
However, you will find more than 6000 companies in the Indian stock exchanges. There are two stock exchanges i.e., the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). There are more companies listed in the BSE compared to NSE. Therefore, it is not physically possible to analyse all the companies with top stocks.
Hence, a handy and the best stock screener app will be at your rescue when you are looking for the top and hottest stock daily. Below we have listed the top stock screener apps for Indian traders.
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What is a stock screener?
A stock screener is a nifty tool that identifies and separates stocks listed by companies in a stock exchange, fulfilling certain metrics. The filter criteria for estimating future performances of the stock is set by investors and traders.
The tangible parameters include the P/E ratio, dividend ratio, debt to equity ratio, average return on investment, growth rate, volatility, average volume, market capitalization, and other essential indicators.
Stock screeners feature metrics and ratings that are useful for traders and investors for preparing trading strategies and reaching a suitable decision. With a stock screener app you save your time, and invest your money in quality stocks that will yield you profits. Additionally, by analysing various stocks in a minute, you can eliminate stocks that are not fulfilling your specific requirements. You have to simply set your criteria and the stock screener will do the tedious work.
Screeners can be fundamental as well as technical. A stock screener allows you to narrow down the field of thousands of stocks to a select few through a series of filters and search criteria. Screeners that have robust screening filters help you to find exactly what you’re looking for, allowing you to avoid missing out on an opportunity.
How does a screener app for share market work?
A stock screener has a database of companies listed in the stock exchanges. Different stock screeners have contrasting filtering criteria, but typically used indicators are present in all the stock screener apps.
When a trader uses a screener, he will set a number of variables or filters with defined values. Say, for example, a trader will be able to screen all the companies and select the companies with a market capitalization above INR 100 crore. As a result, the screener lists all stocks by analysing and searching through its database that meets the criteria set by a trader. Each and every stock can be scrutinized with the help of data analysis, and charts and then you can choose your desirable stocks.
How can you use screeners?
Following are the steps to follow for using a stock screener:
Get started: Choose a screener app and create your account. Select a screener that effectively fulfil all your requirements. Quite a number of screeners offer customizations for their account holders. The chief aim is to keep it simple yet useful.
Check chart patterns: You have to pick one or two chart patterns and then study them. So, do backtesting and get the hang of them. Now you will be able to successfully anticipate which factors are in your favour and also determine take-profit and stop-loss levels.
View technical indicators: The technical indicators are very handy for traders as they take volume and price data from the charts and show the parameters set as well.
Timeframe: You have to plan the right timeframe. While setting the filters, plan the timeframe as per your strategies and goals. Moreover, note that all the filters should adhere to the same timeframe.
High volume stocks: A trader must always prefer stocks with high volume. So, by selecting stocks with a high volume you will get a number of buyers and sellers active in the stock market.
Do your research diligently: It is important to do self-research. Follow news, company announcements, and more for keeping yourself updated.
Maintain your trading journal: Maintain a disciplined record of your traders as well as your thoughts for the stock selection with the help of stock screeners. You have to analyse your records in terms of profits and losses. Moreover, journaling will help you improve your trading abilities and strategies.
Create your watchlist: Trade in stocks on screeners that have high potential across various market sectors. After that, do your research and analyse better when the stock market opens.
Criteria for selecting the best stock screener
Which screener is ideal for you depends on your trading style, strategy, technological requirements, budget, and many more. Listed below are some of the generic criteria to look for screeners for Indian traders:
Budget: The budget range is extensive, with the availability of numerous screeners in the market. Some screeners are free, while some are subscription-based. For beginners, free stock screeners are great even though they come with lots of ads.
Technical Expertise: Certain screeners require sharp programming skills as well statistical knowledge. While some screeners work perfectly with a few taps on buttons.
Industry-specific: If you are a trader looking for industry-specific stocks then you must be aware of whether the screener you are using has this filter. You need to also check if industry-specific companies are listed in the screener’s database.
Metric coverage: While doing quantitative analysis, a good screener will enable you to search for stocks for any number of variables. Certain screeners come with predefined variables such as the P/E ratio, all-time high stocks, set market cap, and other features for assisting your analysis.
Updated schedules: Always ensure and check that the screener you are using has up-to-date and relevant data. Different screeners update at different times.
Top 3 Stock Screeners for Indian Traders
Long gone are the days when the share market was considered bullish and highly risky. With technology at your fingertips and easy learning of stock market theories, you can plan your safe journey in the stock market skilfully.
Below we have listed the best intraday screener app for investors and traders.
One of the most powerful yet simple stock screening websites is screener.in. Screener allows traders and investors to segregate and choose stocks from a number of filters such as book value, P/E ratio, profits, ROE, sales, and many other such options. Moreover, you can customize the results and save the screen for future use.
This website has a huge database and can even show companies’ performances from 10 to 12 years earlier. The screener’s reports can be easily read, easytouse, interactive, and powerful. The best features of this screener are peer-to-peer comparison, quarterly and annual results, the pros and cons of each company, cash flow analysis, and the latest announcements and news by the company. Moreover, you can even create your own screener.
This is one of the leading stock screener apps in India. If you want to get an edge in your trading, then you must get this stock screener app. The StockEdge screener allows you to critically analyse a company, its financial records, set filters such as prices, P/E ratio, growth rate, volume, volatility, and many such extraordinary features. The StockEdge displays in-depth information with regards to 5000 Indian stocks in the simplest possible way.
The information provided by this screener makes decision-making easier as it provides the company’s performance overview, dividend strength and equity, performance compared to rivals and peers, and earnings and debts. This allows you to constructively analyse a company and then invest in its stocks.
StockEdge is a great app for beginners as well as experts. The charts are synergetic, scans are powerful, and this app also allows fundamental and technical research and portfolio analysis of a company. Undoubtedly, StockEdge is the best stock research and analytics app for Indian traders.
Another spectacular and well-known screener is investing.com. Just like StockEdge, investors can perform both technical and fundamental analyses of a company through this screener. It comes with a variety of filters. Some of the filters are dividends, fundamentals, ratios, volume, and price. You will also get the latest news, quotes, and charts related to the company, live stock market data, and many such useful information.
Moreover, you can create your own screen and download screens for offline use. If you are using a top-down approach, it is one of the best stock screeners. It is free to use and is great for experts and novices. For example, if you are studying the pharmaceutical industry, then you can first select the industry options. Next, after getting the list of companies, you can apply various filters for the screening test.
With a stock screener app you will be able to screen test the best stocks by using multiple filters and invest your money in the best stocks. Stock screeners are made to make the lives of investors and traders easy by doing all the painstaking tasks. If you are looking for successful stock market trading, then a stock screener is a must for you. We have listed the best stock screeners in our article, but other notable screeners are Chart Link Screener, Equity Master, Google Finance, and Edelweisses.