@Manish_Kumar7 It can definitely be used for any market cap. With an index defined by the exchange like NSE Microcap 250, the contours of the universe are clear.
With market caps between, for example, 500cr to 2000cr, the universe is very variable and monitoring it on a regular (weekly) basis is not very easy. For example, if you type this market cap in screener.in, you will come up with over 700 companies as of today. This will keep changing and monitoring the universe becomes difficult.
I tried to create a universe with market between 1000 and 3000cr. With this, we come up with close to 500 companies. To reduce the list, I added a factor, namely ROCE. With a figure of ROCE > 20%, the list came down to 143.
I used a list like this and checked it with the same formula we used for our other pfs. It worked well and even this week, I came up with some stocks like PIXTRANS and PDMJEPAPER that are showing good momentum.
So, the system can work with any market cap.
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