Transparent momentum screening for Indian markets

One published formula, applied across NSE index segments every month: 12-month return (skipping the latest month) ÷ annualized volatility. The highest-scoring stocks in each segment are listed below — as a description of historical price behaviour, not as advice.

Data as of 10 Jul 2026Next rebalance 31 Jul 2026Nifty Midcap 150 is 5.8% above its 200-day average

Top 15 by momentum score — Nifty Midcap 150

Same names as the previous calculation

Scores refresh weekly; the backtest rebalances monthly

How this score is computed

score = 12-1 return ÷ annualized volatility

12-1 return:the stock's total return over the past 12 months, excluding the most recent month. The latest month is skipped because academic research finds short-term returns tend to reverse.
Annualized volatility: the standard deviation of daily returns over the past year, scaled to annual terms. Dividing by volatility penalizes stocks whose gains came with wild swings.
Ranking: every stock in the Nifty 500 with sufficient price history is scored the same way; the 20 highest scores are listed here. The list is recalculated monthly.

This is a mechanical calculation on historical prices. A high score describes past behaviour only — it says nothing about what the stock will do next. Details, evidence and limitations are on the methodology page.

Stocks ranked by the published momentum formula — 12-1 return divided by volatility. Ranks are descriptive, not recommendations.
# — rank	Δ prev — rank change vs the previous calculation	Symbol	Name	Sector	12-1 return — 12-month return skipping the most recent month	Volatility — annualized volatility of daily returns	Score — 12-1 return divided by volatility
01	—	LAURUSLABS	Laurus Labs Ltd.	Healthcare	79.5%	29.1%	2.73
02	—	NATIONALUM	National Aluminium Co. Ltd.	Metals & Mining	105.4%	39.5%	2.67
03	—	GVT&D	GE Vernova T&D India Ltd.	Capital Goods	101.9%

These are the stocks currently ranking highest on the formula. A place on this list is not a recommendation, rating or endorsement of any security. Momentum rankings change every month, sometimes drastically.

What this is

A screening tool that applies one published, mechanical formula to historical prices and shows you every step.
An educational resource on momentum as an academic factor — including its crashes, drawdowns and long stretches of underperformance.
A backtest with its assumptions, costs and limitations stated in full, so you can judge the evidence yourself.

What this is not

Not investment advice, research analysis, or a recommendation to act on any security. Nothing here is a rating or a view on where prices are headed.
Not run by a SEBI-registered research analyst or investment adviser. For personal advice, consult someone who is registered.
Not a prediction. Past performance — including everything in the backtest — does not guarantee future results.

#1LAURUSLABS—
Laurus Labs Ltd.
Healthcare
12-1 ret
79.5%
Vol
29.1%
Score
2.73
#2NATIONALUM—
National Aluminium Co. Ltd.
Metals & Mining
12-1 ret
105.4%
Vol
39.5%
Score
2.67
#3GVT&D—
GE Vernova T&D India Ltd.
Capital Goods
12-1 ret
101.9%
Vol
43.7%
Score
2.33
#4IDEA 1 up 1 vs last month
Vodafone Idea Ltd.
Telecommunication
12-1 ret
94.4%
Vol
49.4%
Score
1.91
#5FEDERALBNK 1 down 1 vs last month
Federal Bank Ltd.
Financial Services
12-1 ret
44.9%
Vol
24.3%
Score
1.84
#6BHARATFORG—
Bharat Forge Ltd.
Automobile and Auto Components
12-1 ret
48.9%
Vol
29.2%
Score
1.68
#7POWERINDIA—
Hitachi Energy India Ltd.
Capital Goods
12-1 ret
70.1%
Vol
44.0%
Score
1.59
#8MCX 1 up 1 vs last month
Multi Commodity Exchange of India Ltd.
Financial Services
12-1 ret
59.5%
Vol
37.7%
Score
1.58
#9APARINDS 2 up 2 vs last month
Apar Industries Ltd.
Capital Goods
12-1 ret
71.3%
Vol
45.9%
Score
1.55
#10MAHABANK 2 down 2 vs last month
Bank of Maharashtra
Financial Services
12-1 ret
49.2%
Vol
34.0%
Score
1.45
#11POLYCAB 1 down 1 vs last month
Polycab India Ltd.
Capital Goods
12-1 ret
39.9%
Vol
28.7%
Score
1.39
#12NMDC 1 up 1 vs last month
NMDC Ltd.
Metals & Mining
12-1 ret
35.4%
Vol
27.6%
Score
1.28
#13BHEL 1 down 1 vs last month
Bharat Heavy Electricals Ltd.
Capital Goods
12-1 ret
44.9%
Vol
35.8%
Score
1.25
#14BSE—
BSE Ltd.
Financial Services
12-1 ret
47.5%
Vol
39.5%
Score
1.20
#15KEI—
KEI Industries Ltd.
Capital Goods
12-1 ret
36.3%
Vol
31.2%
Score
1.16