IRFC, HCL Technologies among 10 overbought stocks with RSI above 70
Relative Strength Index (RSI), a popular momentum oscillator. On September 14, Thursday, StockEdge identified a whopping 40+ stocks that were trading in the overbought zone. In this article, we'll explore what it means for a stock to be overbought, the importance of RSI, and take a closer look at 10 of these stocks.
RSI values above 70 typically indicate that a stock is overbought, suggesting it may be due for a pullback or correction.
When a stock is deemed overbought, it means that its price has risen significantly, potentially to unsustainable levels. It's a point where investors should exercise caution. The Relative Strength Index (RSI) is a vital tool in identifying these situations.
Here's why RSI is essential:
10 Stocks in the Overbought Zone
1) ITI Ltd. (NSE: ITI) — RSI: 88.98, Prev. RSI: 91.63
2) Cholamandalam Financial Holdings Ltd.
(NSE: CHOLAFIN) — RSI: 84.82, Prev. RSI: 82.5
3) Bank Of India (NSE: BANKINDIA) — RSI: 81.29, Prev. RSI: 78.28
4) Lemon Tree Hotels Ltd.
(NSE: LEMONTREE) — RSI: 80.05, Prev. RSI: 75.75
5) L&T Technology Services Ltd. (NSE: LTTS) — RSI: 79.93, Prev.
RSI: 72.47
6) Tata Teleservices (Maharashtra) Ltd. (NSE: TTML) — RSI: 79.47, Prev. RSI: 78.11
7) Dalmia Bharat Ltd.
(NSE: DALBHARAT) — RSI: 78.99, Prev. RSI: 76.46
8) Jindal Stainless Ltd. (NSE: JSL) — RSI: 78.77, Prev.
RSI: 77.75
9) HCL Technologies Ltd. (NSE: HCLTECH) — RSI: 77.31, Prev. RSI: 75.91
10) Indian Railway Finance Corporation Ltd.
(NSE: IRFC) — RSI: 77.04, Prev. RSI: 75.59
Keep in mind that data related to stocks in the overbought zone on September 15, Friday, will be updated after market hours.
(Disclaimer: This is an AI-generated article. Recommendations, suggestions, views, and opinions given by experts are their own.
