Varun Beverages, Coal India among 10 overbought stocks with RSI above 70
stock trading, finding the right wave to ride is often the key to success. One crucial tool for identifying these waves is the Relative Strength Index (RSI). On September 27, Wednesday, StockEdge revealed that over 100 stocks were trading in the overbought zone, a clear indication of strong demand.
In this article, we will dive into the significance of RSI and spotlight 10 stocks that investors may want to explore further.
The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. RSI oscillates between 0 and 100, and values above 70 are generally considered overbought, suggesting that the stock may be due for a price correction.
An RSI value above 70 often indicates that a stock is overbought, which may mean it's time for some profit-taking. Conversely, RSI values below 30 suggest that a stock is oversold and might be due for a rebound.
Now, let's take a closer look at 10 stocks that are currently in the overbought zone:
1) Tata Investment Corporation Ltd.
RSI: 85.38
Prev.
RSI: 79.87
2) Sundaram Finance Ltd.
RSI: 82.92
Prev. RSI: 87.35
3) Gujarat Ambuja Exports Ltd.
RSI: 79.18
Prev. RSI: 75.98
4) Punjab National Bank
RSI: 76.31
Prev.
RSI: 73.68
5) Sunteck Realty Ltd.
RSI: 75.44
Prev. RSI: 75.91
6) Coal India Ltd.
RSI: 74.97
Prev. RSI: 72.59
7) Varun Beverages Ltd.
RSI: 74.7
Prev.
RSI: 74.96
8) Varroc Engineering Ltd.
RSI: 73.66
Prev. RSI: 72.85
9) ITI Ltd.
RSI: 74.21
Prev. RSI: 70.24
10) Apar Industries Ltd.
RSI: 74.05
Prev.
