57 stocks in the Nifty 500 index are trading in the overbought category of Relative Strength Index (RSI)
Published On: Saturday, July 3, 2021 | By: Team KnowMyStock
The current momentum in the domestic benchmark indices, Sensex and Nifty, shows weak sentiment and a confused state of mind of traders and investors. Quite a few stocks are reflecting extremely bullish sentiment in their overall trend. According to analysts at the current momentum, a total of 57 stocks in the Nifty 500 index are trading in the overbought category of Relative Strength Index (RSI). This indicator analyses the impact of change in price to identify the overbought and oversold territory. Investors consider the overbought situation as the area to look for profit booking or selling stocks. Likewise, oversold condition indicates bullish entry.
Out of these 57 stocks, 52 are showing an inverse outlook. These 52 stocks are gaining aggressively on the price action and continue to rally further. Stocks like Deepak Nitrite Limited, Divi's Laboratories Limited, Happiest Minds Technologies Ltd, JK Paper Limited, Jyothy Labs Limited, Navin Fluorine International Limited, NOCIL Limited, Laurus Labs Limited, Info Edge (India) Limited, etc are showing price action on Higher High, Higher Low pattern, horizontal trendline breakout, and volumes breakout.
Other stocks like VST Industries Limited, Suzlon Energy Limited, Sudarshan Chemical Industries Limited, Caplin Point Laboratories Limited, are reflecting upside on moving averages.
The five stocks showing mild weakness are Bharat Forge Limited, Prince Pipes And Fittings Limited, Sheela Foam Limited, Tata Communications Limited, and UFLEX Limited.
List of 52 stocks showing positive price action in the overbought territory :
(Source: spidersoftwareindia)
Source: business-standard
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