Stock Scanner India - A Practical Overview

A scanner takes a rule you define ("RSI(14) crossed above 60 today and close > VWAP") and evaluates it against every stock in the universe you select (NSE 500, NSE F&O, full NSE, etc.). It returns the matches in seconds. The scanner doesn't decide whether the setup is good - that's your job. It just finds every stock that matches the rule.

Technical scanners filter on price action and indicator-derived values:

• Indicator thresholds: "RSI(14) > 70" or "MACD histogram positive"
• Crossovers: "50 EMA crossed above 200 EMA today"
• Price action: "close > high of last 5 days"
• Volume: "volume > 2x avg(20)"
• Multi-timeframe: "RSI > 60 on daily AND close > VWAP on 5-min"

Unfluke ships 40+ technical indicators in the scanner, plus LTP comparisons and the expression builder for compound logic.

Fundamental scanners filter on financials and ratios: P/E, P/B, ROE, ROCE, market cap, debt-to-equity, dividend yield, profit growth, sales growth. Useful for positional setups ("find midcaps with P/E < 25, ROE > 18%, debt < 0.5") and for longer-term theses. Unfluke's fundamental scanner covers the standard ratios across the NSE universe.

Most retail scanners are technicals-only or fundamentals-only, forcing you to bounce between tools. A scanner that lets you stack "P/E < 25 AND ROE > 18% AND RSI(14) crossed above 60 today" is doing serious work - it surfaces only the technically primed setups on fundamentally sound stocks. That intersection is often where the best swing-trade and positional setups live.

Intraday scanners run every minute and return matches as they happen. Common intraday filters: opening range breakouts, VWAP rejections, gap-fills, RSI divergences on 5-min, supertrend flips. The challenge: false signals during the first 15 minutes and during low-volume sessions. Filter aggressively (volume confirmation, multi-timeframe) or you'll drown in noise.

F&O scanners go beyond standard technicals. Open interest build-up, OI change, options IV percentile, max pain, and long-vs-short positioning are the common F&O-specific filters. These work on Nifty, Bank Nifty, FinNifty, and on F&O stocks. Useful for short-premium traders identifying IV-rich opportunities, or for futures traders watching for OI shifts.

Unfluke's scanner supports F&O-specific filters with segment filtering for equities/indices/F&O/options.

The point of a scanner isn't running it once. The point is building a library of scans you trust, running them on schedule, and getting alerted when a stock matches. Without saved scans and alerts, you're doing manual work twice. Unfluke combines scanner with native alerts (email, Telegram, in-app) so a saved scan can fire notifications without you watching the screen.

• Over-filtering: 8 conditions stacked together means your scan matches 1-2 stocks a year. Useless.
• Under-filtering: 1 condition means 200 matches a day. Indistinguishable from noise.
• Filtering for what you already believe: writing rules that match the stocks you wanted to find anyway. Reverse the test - would your scan have found a winner you didn't know about?
• Skipping volume confirmation: indicator-only filters fire on illiquid names where you can't trade size.
• Buying every match: the scanner gives you candidates, not signals. Manual review on top is non-negotiable.

These are ideas to study, paper-trade and backtest, not recommendations or signals, and not a promise of any result. A scanner finds matches for your rule; it does not say the matches will move. Size, entries, exits and risk are your own decisions.

1. Start with one clear rule

• Setup: a simple rule such as RSI(14) below 30 AND price crossing above the 20 EMA AND volume above 2x its average.
• Use: a short, readable list you can study by hand.

2. Pick the universe on purpose

• Setup: run the same rule on Nifty 50, then on F&O stocks, then on all NSE stocks.
• Reading: the wider universe finds more names but also more thinly traded ones.

3. Combine fundamentals and technicals

• Setup: add a quality filter such as ROE or debt to a technical trigger.
• Use: sound businesses whose charts are moving.

4. Save, alert, review

• Setup: save the scans you use, alert on the best one, and review its hits monthly.
• Invalidation: drop a scan whose hits keep going nowhere.

How to test these

Backtest the scan's rule on Unfluke over past years to see how its matches behaved.

A scanner is research infrastructure, not a profit guarantee. Every scanner returns candidates - some good, most noise. The edge is in the rules you build, the discipline of follow-up analysis, and your position sizing. Over-trusting the scanner is the most common retail mistake.

Free tier includes the full scanner - 40+ technical indicators, fundamental filters, multi-timeframe support, saved scans, and alert integration. Sign up free, or read the full Scanner overview and the 10-feature buyer's checklist.