Shriram Finance, Mankind Pharma among 8 overbought stocks with bearish RSI

economictimes.indiatimes.com:

Relative Strength Index (RSI) is an important right tool to analyse market trends and make informed investment decisions. On July 13, StockEdge reported that over 30 stocks were trading in the overbought zone but witnessed a bearish or declining RSI trend. From this group, ETMarkets has identified 10 stocks that are currently trading in the 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. Conversely, 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) CIE Automotive India Ltd — RSI: 69.29, Prev. RSI: 73.58 2) Shriram Finance Ltd — RSI: 68.95, Prev. RSI: 71.88 3) Mankind Pharma Ltd — RSI: 68.71, Prev.

RSI: 79.06 4) Mishra Dhatu Nigam Ltd — RSI: 68.57, Prev. RSI: 74.28 5) L&T Finance Holdings Ltd — RSI: 68.49, Prev. RSI: 73.97 6) Sun TV Network Ltd — RSI: 68.45, Prev.

RSI: 74.92 7) Global Health Ltd — RSI: 68.4, Prev. RSI: 75.47 8) Castrol India Ltd — RSI: 68.16, Prev. RSI: 76.63 9) Central Depository Services (India) Ltd — RSI: 67.73, Prev.