BEML, Cipla among 10 overbought stocks with RSI above 70

economictimes.indiatimes.com:

Relative Strength Index (RSI), which plays a pivotal role in assessing stock movements. Today, we delve into the concept of RSI and its importance, focusing on the top 10 stocks that are currently trading in an overbought zone. The RSI is a popular momentum oscillator that measures the speed and change of price movements in a stock.

It oscillates between 0 and 100 and is plotted on a chart as a line graph. RSI values above 70 are generally considered to indicate an overbought condition, implying that the stock may be overvalued, and a price correction or reversal to the downside could be imminent. Conversely, RSI values below 30 suggest an oversold condition, indicating that the stock might be undervalued and a potential price rebound may occur.Top 10 Stocks in the Overbought Zone: On August 2, Wednesday, data sourced from StockEdge revealed that over 54 stocks were trading in an overbought zone.

From this list, ETMarkets has handpicked 10 stocks that investors should closely monitor for potential trend reversals. Please keep in mind that the data for stocks trading in an overbought zone on August 3, Thursday, will be updated after market hours. 1) Escorts Kubota Ltd.

(RSI: 83.51, Prev. RSI: 81.82) 2) Eris Lifesciences Ltd. (RSI: 82.72, Prev.

RSI: 82.11) 3) Mishra Dhatu Nigam Ltd. (RSI: 82.23, Prev. RSI: 79.72) 4) BEML Ltd.

(RSI: 81.31, Prev. RSI: 78.3) 5) Cipla Ltd. (RSI: 81.29, Prev.

RSI: 86.42) 6) Kalpataru Projects International Ltd. (RSI: 81.15, Prev. RSI: 80.15) 7) BSE Ltd.

(RSI: 81.07, Prev. RSI: 83.17) 8) Esab India Ltd. (RSI: 80.44, Prev.

RSI: 87.59) 9) Lupin Ltd. (RSI: 80.37, Prev. RSI: 79.25) 10) Ipca Laboratories Ltd.