Overbought stocks: MTAR Technologies, Keystone Realtors among 10 stocks trading above RSI of 70
Relative Strength Index (RSI) is an essential tool for investors to analyse market trends and make informed investment decisions. On July 13, StockEdge reported that over 50 stocks were trading in an overbought zone. From this group, ETMarkets has identified 10 stocks that are currently trading in an overbought zone.
The RSI is a widely used technical indicator that measures the speed and change of price movements in a stock. It is a momentum oscillator that ranges from 0 to 100 and helps identify whether a stock is overbought or oversold. RSI is calculated based on the average gain and average loss over a specific period, typically 14 days.
The RSI value provides insights into the stock's current strength and potential trend reversal points. When the RSI rises above 70, it suggests that the stock may be overbought, indicating a potential pullback or correction in price. On the other hand, when the RSI falls below 30, it implies that the stock may be oversold, indicating a potential price rebound.Let's take a closer look at these stocks: 1) Tejas Networks Ltd.
(RSI: 76.1, Prev. RSI: 59.72) 2) Indian Bank (RSI: 76.01, Prev. RSI: 79.74) 3) Data Patterns (India) Ltd.
(RSI: 75.92, Prev. RSI: 71.42) 4) Colgate-Palmolive (India) Ltd. (RSI: 75.91, Prev.
RSI: 74.81) 5) MTAR Technologies Ltd. (RSI: 75.89, Prev. RSI: 69.82) 6) Keystone Realtors Ltd.
(RSI: 75.25, Prev. RSI: 73.55) 7) PB Fintech Ltd. (RSI: 75.19, Prev.
RSI: 70.43) 8) Nippon Life India Asset Management Ltd. (RSI: 75.1, Prev. RSI: 83.66) 9) UTI Asset Management Company Ltd.
(RSI: 74.95, Prev. RSI: 73.3) 10) ICICI Prudential Life Insurance Company Ltd. (RSI: 74.56, Prev.
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