Score guide
How to read the 100-point score
Every case study scores a stock on 50 technical and 50 fundamental points. Each point gets one tag. This page lists every point, what it measures and the exact rule our code uses to tag it.
Bullish favourable reading · Bearish unfavourable reading · Neutral normal range or no clear message · Caution warning sign or unusual reading worth checking.
The strongest possible score is 49 bullish · 0 bearish on each side (point 50 is the summary). No real company scores perfectly, and a high score is not a reason to buy — tags describe data at least 90 days old, not what will happen next. “Information only” points are always Neutral: they give context (size, valuation, levels) rather than a good/bad verdict.
The strongest possible score is 49 bullish · 0 bearish on each side (point 50 is the summary). No real company scores perfectly, and a high score is not a reason to buy — tags describe data at least 90 days old, not what will happen next. “Information only” points are always Neutral: they give context (size, valuation, levels) rather than a good/bad verdict.
Technical points (50)
Calculated from daily prices up to the snapshot date.
| Point | What it measures | Tagged Bullish when | Tagged Bearish when | Otherwise |
|---|---|---|---|---|
| Short-term trend (20 days) | Direction of the best-fit line through the last 20 closing prices, in % per day. | slope above +0.10% a day (short-term uptrend) | slope below –0.10% a day (short-term downtrend) | Neutral between the two: a flat, sideways phase. |
| Medium-term trend | Direction of the best-fit line through the last 100 closes (about five months). | slope above +0.05% a day | slope below –0.05% a day | Neutral in between. |
| Long-term trend (1 year) | Price change over the past 12 months. | up more than 10% in a year | down more than 10% in a year | Neutral between –10% and +10%. |
| Weekly chart trend | Weekly close compared with its 10-week and 30-week averages. | weekly close above the 10-week average, which is above the 30-week | weekly close below the 10-week average, which is below the 30-week | Neutral when they are tangled. |
| Swing structure | Whether recent swing highs and swing lows are rising or falling. | higher highs and higher lows (uptrend structure) | lower highs and lower lows (downtrend structure) | Neutral when one is higher and the other lower. |
| ADX (14) — trend strength | How strong the trend is (0–100), not its direction. | ADX 20 or more with +DI above –DI (a real trend, pointing up) | ADX 20 or more with –DI above +DI (a real trend, pointing down) | Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one. |
| +DI vs –DI | Upward versus downward price pressure (Wilder’s directional indicators). | +DI above –DI | –DI above +DI | No neutral zone for this point. |
| Price vs 20-day average | Close compared with the 20-day simple moving average (short-term trend filter). | close above the average | close below the average | No neutral zone. |
| Price vs 50-day average | Close compared with the 50-day average (medium-term trend filter). | close above the average | close below the average | No neutral zone. |
| Price vs 200-day average | Close compared with the 200-day average (long-term trend filter). | close above the average | close below the average | No neutral zone. |
| 9 / 21 EMA crossover | Fast (9-day) versus slower (21-day) exponential average. | 9-day above 21-day | 9-day below 21-day | No neutral zone. |
| Golden / death cross | 50-day average compared with the 200-day average. | 50-day above 200-day (after a “golden cross”) | 50-day below 200-day (after a “death cross”) | No neutral zone. |
| 50-day average slope | How much the 50-day average moved over the last 20 sessions. | rose more than 0.5% | fell more than 0.5% | Neutral in between: flattening. |
| Moving-average ribbon | Order of the 20, 50, 100 and 200-day averages. | neatly stacked 20 > 50 > 100 > 200 | neatly stacked 20 < 50 < 100 < 200 | Neutral when tangled (a transition or range). |
| Monthly anchored VWAP | Volume-weighted average price since the start of the snapshot month. | close above VWAP (that month’s buyers on average in profit) | close below VWAP | No neutral zone. |
| RSI (14) | Speed of recent price moves on a 0–100 scale. | RSI 55–70 (positive momentum, not stretched) | RSI 30–45 (soft momentum) | Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold). |
| RSI divergence | Whether RSI confirmed the last 20 days’ highs and lows compared with the 20 before. | bullish divergence: price made a lower low but RSI a higher low | — | Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price. |
| MACD line vs signal | MACD (12-day EMA – 26-day EMA) against its 9-day signal line. | MACD above signal | MACD below signal | No neutral zone. |
| MACD histogram (5-day change) | Whether the gap between MACD and signal widened or narrowed over five sessions. | histogram rising (momentum improving) | histogram falling (momentum weakening) | No neutral zone. |
| MACD vs zero line | Whether the 12-day EMA is above or below the 26-day EMA. | MACD above zero | MACD below zero | No neutral zone. |
| Stochastic (14,3,3) | Where the close sits in its 14-day high–low range (0–100), smoothed. | between 20 and 80 with %K above %D | between 20 and 80 with %K below %D | Caution above 80 (overbought) or below 20 (oversold). |
| Williams %R (14) | Where the close sits in its 14-day range, from 0 (top) to –100 (bottom). | — | — | Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish. |
| CCI (20) | How far the typical price has moved from its 20-day average, scaled. | above +100 (unusually strong upward move) | below –100 (unusually strong downward move) | Neutral within ±100. |
| Rate of change (10-day) | Price change over ten sessions. | up more than 2% | down more than 2% | Neutral between –2% and +2%. |
| Bollinger %B | Where the close sits between the Bollinger Bands (0 = lower band, 1 = upper band). | — | — | Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands. |
| Bollinger width / squeeze | How wide the bands are compared with the last six months. | — | — | Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise. |
| ATR (14) | Average daily trading range in rupees and as % of price. | — | — | Information only. A higher % means bigger normal daily swings. |
| Historical volatility (30-day) | Annualised volatility of the last 30 days compared with the past year. | — | — | Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise. |
| Keltner Channel | Close compared with a channel of 2× ATR around the 20-day EMA. | close above the upper channel (strong upward push) | close below the lower channel | Neutral inside the channel. |
| Beta vs Nifty 50 | How much the stock moved compared with the Nifty 50 day to day over a year. | — | — | Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line. |
| Volume vs 20-day average | Recent trading volume compared with the 20-day average. | — | — | Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter. |
| Up-day vs down-day volume | Average volume on rising days divided by volume on falling days (20 days). | ratio above 1.15 (accumulation-leaning) | ratio below 0.85 (distribution-leaning) | Neutral between 0.85 and 1.15. |
| On-Balance Volume | Running total of volume added on up days and subtracted on down days, over a month. | OBV rising | OBV falling | No neutral zone. |
| Accumulation/Distribution line | Whether closes sat in the upper or lower part of daily ranges, weighted by volume. | A/D line rising | A/D line falling | No neutral zone. |
| Chaikin Money Flow (20) | Net money flow over 20 days, from –1 to +1. | above +0.05 (net inflows) | below –0.05 (net outflows) | Neutral between –0.05 and +0.05. |
| Money Flow Index (14) | A volume-weighted RSI on a 0–100 scale. | MFI 55–80 | MFI 20–45 | Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold). |
| Liquidity (daily turnover) | Average value traded per day over 20 sessions. | — | — | Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid. |
| Support levels | Prices below the close where the stock previously bounced (swing lows). | — | — | Information only. Levels to watch, not good or bad. |
| Resistance levels | Prices above the close where the stock previously turned down (swing highs). | — | — | Information only. |
| Monthly pivot points | Classic pivot, R1 and S1 from the snapshot month’s high, low and close. | — | — | Information only. |
| Fibonacci retracement | Retracement levels of the last six months’ main swing. | — | — | Information only. |
| 52-week high / low | Close compared with the 52-week high and low. | within 5% of the 52-week high | within 5% of the 52-week low | Neutral in between. |
| Unfilled price gaps | Price gaps of the last six months that price has not revisited. | — | — | Information only. |
| Price structure / chart pattern | Rule-based scan of the 20-day and 100-day trend lines. | rising channel (both trends up) | falling channel (both trends down) | Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range. |
| Breakout / breakdown (20-day) | Close compared with the prior 20-day high–low range. | close above the 20-day high (breakout) | close below the 20-day low (breakdown) | Neutral inside the range. |
| Latest candlestick | Shape of the snapshot-day candle. | hammer, bullish engulfing or bullish marubozu | shooting star, bearish engulfing or bearish marubozu | Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals. |
| Ichimoku Cloud | Close compared with the Ichimoku cloud. | close above the cloud | close below the cloud | Neutral inside the cloud. |
| Relative strength vs Nifty 50 (3 months) | Stock’s 3-month return minus the Nifty 50’s. | ahead of the Nifty 50 by more than 2 points | behind by more than 2 points | Neutral within ±2 points. |
| Relative strength vs sector / 6 months | Stock’s return minus its sector index over 3 months (or minus the Nifty 50 over 6 months when no sector index is used). | ahead by more than 2 points | behind by more than 2 points | Neutral within ±2 points. |
| Technical summary | Count of the tags on the other 49 technical points. | bullish tags beat bearish ones by 5 or more (“positive”) | bearish tags beat bullish ones by 5 or more (“negative”) | Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish. |
Fundamental points (50)
From published results and shareholding. Banks and lenders use some different points, listed at the end.
| Point | What it measures | Tagged Bullish when | Tagged Bearish when | Otherwise |
|---|---|---|---|---|
| P/E (trailing 12 months) | Market value ÷ profit of the last four quarters. | — | — | Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history. |
| Price / Book | Market value ÷ book value (equity + reserves). | — | — | Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B. |
| Price / Sales | Market value ÷ last 12 months’ sales. | — | — | Information only. |
| EV / EBITDA | (Market value + borrowings) ÷ operating profit. | — | — | Information only. Lower means cheaper relative to operating profit. |
| Earnings yield | 100 ÷ P/E — annual earnings per ₹100 invested. | — | — | Information only. Often compared with the ~6–7% yield on 10-year government bonds. |
| PEG ratio | P/E ÷ 3-year profit growth rate. | below 1 (growth cheaply priced) | above 2 (growth expensively priced) | Neutral 1–2, or when profit did not grow (not meaningful). |
| Dividend yield | Dividends of the last 12 months ÷ price. | above 3% | — | Neutral at 3% or less. Never tagged Bearish. |
| Market capitalisation | Total value of all shares. | — | — | Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb). |
| Graham number vs price | √(22.5 × EPS × book value per share) — Benjamin Graham’s conservative value ceiling. | price below the Graham number | — | Neutral when the price is above it (most quality companies are). |
| Revenue growth (year) | Full-year revenue versus the previous year. | above 10% | below 0% (revenue fell) | Neutral 0–10%. |
| Quarterly revenue growth | Latest quarter’s revenue versus the same quarter a year earlier. | above 10% | below 0% | Neutral 0–10%. |
| Net profit growth (year) | Full-year net profit versus the previous year. | above 10% | below 0% | Neutral 0–10%. Caution if a one-off item distorted the figure. |
| Quarterly profit growth | Latest quarter’s profit versus a year earlier. | above 10% | below 0% | Neutral 0–10%. |
| Revenue CAGR (3 years) | Yearly compound revenue growth over three years. | above 12% a year | below 5% a year | Neutral 5–12%. Caution if an acquisition inflated it. |
| Profit CAGR (3 years) | Yearly compound profit growth over three years. | above 12% a year | below 5% a year | Neutral 5–12%. |
| Revenue CAGR (5 years) | Yearly compound revenue growth over five years. | above 12% a year | below 5% a year | Neutral 5–12%. |
| EPS growth | Reported earnings per share versus the previous year. | above 10% | below 0% | Neutral 0–10%. |
| Operating margin | Operating profit (EBITDA) as % of sales. | — | — | Information only — normal margins differ a lot by industry. |
| Operating margin trend | Change in quarterly operating margin over four quarters. | up more than 1 percentage point | down more than 1 percentage point | Neutral when broadly stable. |
| Net profit margin | Net profit as % of revenue. | — | — | Information only. |
| Return on equity (ROE) | Profit ÷ average shareholders’ equity. | above 18% | below 10% | Neutral 10–18%. Around 15% or more is generally considered good. |
| ROCE | Return on capital employed (debt + equity). | above 20% | below 10% | Neutral 10–20%. |
| Return on assets (ROA) | Profit ÷ total assets. | banks only: 1.5% or more | banks only: below 1% | Information only for non-banks. |
| Effective tax rate | Tax as % of pre-tax profit. | — | — | Information only. India’s base corporate rate is about 25%. |
| Other income share of pre-tax profit | Non-operating income as % of pre-tax profit. | — | — | Caution above 25% (headline profit leans on non-core income). Neutral otherwise. |
| Debt / equity | Borrowings ÷ shareholders’ equity. | below 0.3 (very low leverage) | above 1 (high leverage) | Neutral 0.3–1. |
| Debt / EBITDA | Years of operating profit needed to repay borrowings. | below 1× | above 3× | Neutral 1–3×. |
| Interest coverage | Earnings before interest and tax ÷ interest cost. | above 8× | below 3× | Neutral 3–8×, or not meaningful when interest is negligible. |
| Book value growth | Growth in shareholders’ equity over the year. | above 10% (banks: above 12%) | below 0% (non-banks only) | Neutral otherwise. |
| Capital work in progress | Projects under construction as % of fixed assets. | — | — | Information only. Above 20% means a big expansion pipeline that is not yet earning. |
| Working capital days | Working capital tied up, in days of sales. | — | — | Information only. Lower is generally more efficient; negative means suppliers or customers fund the business. |
| Cash conversion cycle | Days to turn inventory and receivables into cash, net of supplier credit. | — | — | Information only. Shorter is generally better. |
| Debtor days | Average days customers take to pay. | — | — | Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise. |
| Operating cash flow | Cash generated by the business in the year. | positive and higher than the year before | negative | Neutral when positive but lower. Information only for banks. |
| Free cash flow | Operating cash flow minus capital spending. | positive | negative | Neutral when not available. |
| Cash conversion (CFO ÷ net profit) | Operating cash flow ÷ reported profit. | above 1× (profits well backed by cash) | — | Caution below 0.7×. Neutral 0.7–1×. |
| Free-cash-flow yield | Free cash flow ÷ market value. | above 4% | — | Neutral at 4% or less. |
| Free cash flow — 3-year total | Free cash flow added up over three years. | positive total | negative total | Neutral when not available. |
| Capex | Capital spending (operating cash flow minus free cash flow). | — | — | Information only. |
| Dividend payout ratio | Share of profit paid out as dividends. | — | — | Information only. High payout suits mature businesses; growing firms often keep more. |
| Dividend consistency (3 years) | Whether dividends were paid in each of the last three years. | paid every year | — | Neutral when irregular. Never tagged Bearish. |
| Share capital change | Change in paid-up share capital over the year. | fell 1% or more (a buyback) | — | Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split. |
| Promoter holding | Stake of the founders / controlling group, and its change over a year. | — | fell more than 1 percentage point in a year | Neutral otherwise. Never tagged Bullish. |
| Foreign institutional holding (FIIs) | FII stake and its change over a year. | up more than 1 percentage point | down more than 1 percentage point | Neutral within ±1 point. |
| Domestic institutional holding (DIIs) | Mutual fund, insurer and other DII stake and its change over a year. | up more than 1 percentage point | down more than 1 percentage point | Neutral within ±1 point. |
| Number of shareholders | Count of shareholders and its change over a year. | — | — | Information only — a rough gauge of retail interest. |
| Promoter pledge | Promoter shares pledged as loan collateral. | — | — | Information only. Any sizeable pledge is a risk to note. |
| Financial health checklist | Pass/fail tests in the spirit of the Piotroski score (profit, cash flow, leverage, margins, dilution and more). | all tests passed, or all but one | half the tests or fewer passed | Neutral in between. |
| Automated screen flags | Strengths and weaknesses flagged by the data source’s rule screen. | — | — | Information only. |
| Fundamental summary | Count of the tags on the other 49 fundamental points. | bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) | the same the other way round (“negative”) | Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish. |
| Price / Revenue (banks) | Market value ÷ last 12 months’ revenue (mainly interest earned). | — | — | Information only. |
| Profit / Book (banks) | Trailing profit as % of book value. | — | — | Information only. |
| Net interest margin (banks) | Spread between what a bank earns on loans and pays on deposits. | 3.5% or more | below 3.0% | Neutral 3.0–3.5%. |
| Net interest income growth (banks) | Growth in interest income after interest expense. | above 10% | below 5% | Neutral 5–10%. |
| Leverage (banks) | Total assets ÷ equity. | — | — | Information only — banks normally run high leverage. |
| Quarterly standalone profit (banks) | Bank’s own reported quarterly profit growth. | above 12% year on year | below 0% | Neutral 0–12%. |
| Gross NPA (banks) | Bad loans as % of all loans, before provisions. | below 2% | above 4% | Neutral 2–4%. |
| Net NPA (banks) | Bad loans after provisions as % of loans. | below 0.6% | above 1.5% | Neutral 0.6–1.5%. |
| CASA ratio (banks) | Low-cost current and savings deposits as % of deposits. | above 40% | below 30% | Neutral 30–40%. |
| Capital adequacy / CRAR (banks) | Capital as % of risk-weighted assets. | above 16% | below 13% | Neutral 13–16%. RBI minimum incl. buffer is 11.5%. |
| Loan growth (banks) | Growth in advances over a year. | above 14% | below 8% | Neutral 8–14%. |
| Deposit growth (banks) | Growth in deposits over a year. | above 12% | below 7% | Neutral 7–12%. |
| Deposit base (banks) | Total consolidated deposits. | — | — | Information only. |
| Borrowings (lenders) | Total borrowings of a lender that does not take deposits. | — | — | Information only. |
| Bank cash flows | Investing, financing and net cash flows of a bank. | — | — | Information only — for banks these swing with deposit and loan flows. |
| Investment book growth (banks) | Change in the investment portfolio, mostly government securities. | — | — | Information only. |
| Loan growth minus deposit growth (banks) | How much faster loans grew than deposits. | — | — | Caution when loans grew more than 4 points faster than deposits (funding pressure). Neutral otherwise. |
Thresholds are common rules of thumb used in Indian market education, applied the same way to every stock so case studies can be compared. They are not investment advice.