Mphasis, HDFC AMC among 10 overbought stocks with RSI above 70
Relative Strength Index (RSI) helps investors in identifying the right investment opportunities. It is a powerful tool which measures the momentum and velocity of price movements on a scale from 0 to 100. On July 20, Thursday, StockEdge reported that over 90 stocks were trading in an overbought zone.
From this list, ETMarkets has carefully handpicked 10 overbought stocks for analysis. An RSI reading above 70 indicates that a stock is in an overbought zone, suggesting that the stock may be trading at a higher price than its intrinsic value. The RSI is a popular momentum oscillator used by traders and investors to analyse a stock's price movement.
It compares the magnitude of recent gains and losses over a specified time period to generate a value between 0 and 100.10 Overbought Stocks: 1) Polycab India Ltd. (RSI: 88.87, Prev. RSI: 83.88): A leading manufacturer of wires and cables.
2) Esab India Ltd. (RSI: 83.49, Prev. RSI: 82.53): A renowned welding and cutting solutions provider.
3) Union Bank Of India (RSI: 82.52, Prev. RSI: 80.03): A public sector bank with a wide range of financial services. 4) Mphasis Ltd.
(RSI: 82.43, Prev. RSI: 80.31): An IT services company catering to various industries. 5) HDFC Asset Management Company Ltd.
(RSI: 81.81, Prev. RSI: 76.69): A leading mutual fund house in India. 6) Nippon Life India Asset Management Ltd.
(RSI: 81.81, Prev. RSI: 75.3): A well-established asset management company. 7) Mahindra Holidays & Resorts India Ltd.
(RSI: 81.32, Prev. RSI: 85): A vacation ownership company. 8) Mazagon Dock Shipbuilders Ltd.
(RSI: 81.27, Prev. RSI: 78.62): A public sector undertaking in shipbuilding. 9) Zensar Technologies Ltd.
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