This chart shows the percentage of MHI stocks in bullish cycle based on momentum indicator called RMC (RoC Momentum Cycles). You can add RMC to your TradingView chart from here - RoC Momentum Cycle.
The chart below shows the percentage of MHI stocks in bullish cycle (blue line) along with NIFTY50 index close (green line). The orange and red lines represent overbought (85%) and oversold (15%) levels respectively. Based on historical data, market have a tendency to reverse after reaching the overbought or oversold levels.