We propose a new balanced modulation code for coding data pages for phase-image-based holographic data storage systems. The new code addresses the coding subtleties associated with phase-based systems while performing a content-based search in a holographic database. The new code, which is a balanced modulation code, is a modification of the existing 8:12 modulation code, and removes the false hits that occur in phase-based content-addressable systems due to phase-pixel subtractions. We demonstrate the better performance of the new code using simulations and experiments in terms of discrimination ratio while content addressing through a holographic memory. The new code is compared with the conventional coding scheme to analyse the false hits due to subtraction of phase pixels. © IOP Publishing Ltd.