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 50 is 2.6% below its 200-day average

Top 20 by momentum score — Nifty Smallcap 250

1 of 20 names entered at the latest 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	—	ATHERENERG	Ather Energy Ltd.	Automobile and Auto Components	211.5%	49.1%	4.30
02	—	ACUTAAS	Acutaas Chemicals Ltd.	Healthcare	177.2%	42.9%	4.13
03	—	BELRISE	Belrise Industries Ltd.	Automobile and Auto Components

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.

#1ATHERENERG—
Ather Energy Ltd.
Automobile and Auto Components
12-1 ret
211.5%
Vol
49.1%
Score
4.30
#2ACUTAAS—
Acutaas Chemicals Ltd.
Healthcare
12-1 ret
177.2%
Vol
42.9%
Score
4.13
#3BELRISE—
Belrise Industries Ltd.
Automobile and Auto Components
12-1 ret
115.9%
Vol
39.8%
Score
2.91
#4KIRLOSENG—
Kirloskar Oil Eng Ltd.
Capital Goods
12-1 ret
113.3%
Vol
47.0%
Score
2.41
#5ANANDRATHI 1 up 1 vs last month
Anand Rathi Wealth Ltd.
Financial Services
12-1 ret
66.6%
Vol
27.7%
Score
2.41
#6SYRMA 1 down 1 vs last month
Syrma SGS Technology Ltd.
Capital Goods
12-1 ret
99.9%
Vol
41.9%
Score
2.38
#7NETWEB—
Netweb Technologies India Ltd.
Information Technology
12-1 ret
134.1%
Vol
59.5%
Score
2.25
#8HFCL—
HFCL Ltd.
Telecommunication
12-1 ret
96.7%
Vol
46.4%
Score
2.08
#9JBCHEPHARM 1 up 1 vs last month
J.B. Chemicals & Pharmaceuticals Ltd.
Healthcare
12-1 ret
40.0%
Vol
20.1%
Score
1.99
#10GRANULES 1 down 1 vs last month
Granules India Ltd.
Healthcare
12-1 ret
55.2%
Vol
30.1%
Score
1.83
#11RRKABEL—
R R Kabel Ltd.
Capital Goods
12-1 ret
59.1%
Vol
36.6%
Score
1.61
#12HINDCOPPER—
Hindustan Copper Ltd.
Metals & Mining
12-1 ret
83.1%
Vol
54.7%
Score
1.52
#13WELCORP 3 up 3 vs last month
Welspun Corp Ltd.
Capital Goods
12-1 ret
51.4%
Vol
35.6%
Score
1.44
#14GPIL 1 up 1 vs last month
Godawari Power & Ispat Ltd.
Capital Goods
12-1 ret
52.4%
Vol
36.8%
Score
1.42
#15SAILIFE 2 down 2 vs last month
Sai Life Sciences Ltd.
Healthcare
12-1 ret
48.8%
Vol
34.6%
Score
1.41
#16NAVINFLUOR 2 up 2 vs last month
Navin Fluorine International Ltd.
Chemicals
12-1 ret
46.6%
Vol
33.9%
Score
1.38
#17CRAFTSMAN 3 down 3 vs last month
Craftsman Automation Ltd.
Automobile and Auto Components
12-1 ret
49.8%
Vol
36.7%
Score
1.36
#18RBLBANK 1 down 1 vs last month
RBL Bank Ltd.
Financial Services
12-1 ret
41.5%
Vol
31.3%
Score
1.33
#19HONASA—
Honasa Consumer Ltd.
Fast Moving Consumer Goods
12-1 ret
40.9%
Vol
31.7%
Score
1.29
#20CHENNPETRO 2 up 2 vs last month
Chennai Petroleum Corporation Ltd.
Oil Gas & Consumable Fuels
12-1 ret
56.8%
Vol
47.4%
Score
1.20