Asian Paints, Ashok Leyland among 10 stocks in overbought zone

economictimes.indiatimes.com:

The RSI is a valuable technical indicator that measures the strength and momentum of a stock's price movement. Ranging from 0 to 100, an RSI value above 70 indicates an overbought condition, suggesting that the stock may be due for a potential price correction. Conversely, an RSI value below 30 indicates an oversold condition, indicating a possible rebound in price.

Assessing stock movement based on RSI trends is important because it helps investors identify potential turning points and make informed decisions. In this article, we will explore stocks that are currently trading in the overbought zone but exhibiting a bearish or declining RSI trend. On July 3, Monday, StockEdge reported 18 stocks in the overbought zone but with a bearish RSI trend.

From this group, ETMarkets has selected 10 stocks for further analysis. It's important to note that the data pertaining to stocks with a bearish RSI trend while being overbought on July 4, Tuesday, will be updated later today on StockEdge. Exploring Stocks in the Overbought Zone with Bearish RSI Trends:1) Asian Paints Ltd RSI: 69.72 Prev.

RSI: 70.51 Close: 3358.72) Ashok Leyland Ltd RSI: 69.67 Prev. RSI: 70.42 Close: 167.153) Larsen & Toubro Ltd RSI: 69.17 Prev. RSI: 74.89 Close: 2454.054) Supreme Industries Ltd RSI: 69.02 Prev.

RSI: 72.66 Close: 3171.45) Fortis Healthcare Ltd RSI: 68.98 Prev. RSI: 70.83 Close: 313.756) ABB India Ltd RSI: 68.89 Prev. RSI: 70.23 Close: 4411.257) Saregama India Ltd RSI: 67.97 Prev.

RSI: 72.07 Close: 401.38) Tata Motors Ltd RSI: 67.3 Prev. RSI: 70.7 Close: 590.89) Syngene International Ltd RSI: 66.82 Prev. RSI: 71.03 Close: 759.610) SBI Life Insurance Company Ltd RSI: 66.59 Prev.