Several insiders buying
Two or more promoters, directors or KMPs bought in the open market in the last 90 days, and insiders as a whole bought more than they sold.
One director buying can be a routine top-up or a signal of confidence. Two or more insiders buying in the same three months is harder to explain away, which is why cluster buying is the version of insider buying most of the research leans on. The second condition keeps out the stocks where a director bought while the promoter sold a larger amount. ESOP allotments, gifts and transfers inside the promoter group are left out of both counts, since none of them is anyone choosing to pay the market price.
More fundamentals:Promoters buyingPromoters sellingPromoters buying in the open marketHigh promoter holding in an uptrendInstitutions on both sides
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