The stock market will move in cycles. Sometimes it goes up, sometimes it goes down, and on some occasions, it goes sideways.
A stock becomes weak when it fails to break out of its resistance levels or falls below its supports.
The key is to identify these stocks, and taking short trades in these stocks helps traders make money even when the market is in a downtrend.
The objective of this article is to show you how to do that in just 5 minutes.
How does this Breakdown Scanner work?
This scanner picks the data from the NSE India website for Nifty-50 stocks and Nifty F&O stocks.
Then it compares today’s range concerning the past few days range.
If it is bearish and the volume is high compared to the past few days, it will list the stock as a breakdown stock.
The advantage of this screener is that it also lists whether the breakdown candle has buying wick or not and information about the volume.
Please watch the below video to know how it works.
Download Breakdown Screener
Please click on the below link to download the breakdown screener.
Download Breakdown Screener
PS - Please don't try to edit the document directly (We have provided only view access). Please download a local copy and use it in your system.
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FAQ
Q) I am getting a ‘Data not available’ error. How to fix this issue?
Answer – Read all the points carefully.
Check internet connection
Check the date entered to see if it is a holiday or a weekend
It will not run for a date more than 3 months old. So, the date has to be not more than 3 months old
Check if the date entered is in dd-mmm-yyyy format.
Apart from all these, this error might come up sometimes due to a server issue on the NSE site. In such a case, please try after some time.
Q) Can I run the screener before 6 PM?
Answer – No, please run the screener only after 6 PM.
Q) Can I use this screener to shortlist intraday stocks?
Answer – No, this screener is only helpful to shortlist positional breakdown stocks.
Q) Do I need to pay for the screener?
Answer – No, it is for FREE for all the traders.
Q) Can I run the screener only for today's list?
Answer - One can run it for any date from the past 30 days. The screener will give the results for breakdown stocks on that particular day. But usually, this may not be so helpful as the breakdown concept needs the stocks to be identified which had a breakdown in the present day.
Q) Can I directly take trade in the stocks that are shortlisted by the screener?
Answer - As mentioned earlier, it is not a final solution, but it reduces over 90% of our time. The stocks which are shortlisted by the screener have to be still manually checked by drawing trendline and validating the breakdown.
Q) I have an issue while using the screener; whom to approach?
Answer – Please drop an email to indrazith@profiletraders.in along with the error screenshots.
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