The benchmark indices recently crossed significant breakout levels with Nifty crossing 10,985 and S&P BSE Sensex breaching 36,554 levels. However, several stocks are still trading with negative crossover on Relative Strength Index (RSI).
The RSI measures the speed, strength and variations in the price movements. The momentum oscillator as described by Welles Wilder Jr. identifies overbought and oversold regions, namely 70 and 30. The scale varies from 0 to 100, within which the indicator swings. It helps to determine the possible top and bottom, as reversal indicator.
In recent times, the crossovers of 14-day moving average (MA) with 9-day exponential moving average (EMA) have been analysed to identify an immediate trend. When 14-day MA crosses 9-day EMA, it is considered as positive trend and vice versa.
30 stocks are trading with negative crossovers since the last 10 sessions -
The major stocks include Adani Enterprises, Canara Bank, Ceat, L&T and Tata Chemicals.
|
ADANIENT |
INFRATEL |
|
ALBK |
IRB |
|
APOLLOTYRE |
JINDALSTEL |
|
BANKINDIA |
JPASSOCIAT |
|
BEML |
L&TFH |
|
BHARATFIN |
LT |
|
CANBK |
M&MFIN |
|
CANFINHOME |
ORIENTBANK |
|
CEATLTD |
POWERGRID |
|
CGPOWER |
PTC |
|
CHENNPETRO |
SAIL |
|
DHFL |
SUNTV |
|
EXIDEIND |
SYNDIBANK |
|
FEDERALBNK |
TATACHEM |
|
INDIACEM |
VGUARD |
The above stocks are trading with negative crossover even when benchmark indices showed strength. They may head towards oversold region of 30 level, chart suggests.
Four stocks currently in oversold region: -
|
ARVIND |
|
ASHOKLEY |
|
COALINDIA |
|
LT |
Here are the stocks trading in negative RSI crossovers, after benchmark indices accomplished breakout:
|
AIAENG |
MUTHOOTFIN |
|
ALLCARGO |
NFL |
|
BASF |
NHPC |
|
BHEL |
NIACL |
|
BLUESTARCO |
PFIZER |
|
BOSCHLTD |
PIDILITIND |
|
CASTROLIND |
RAJESHEXPO |
|
COFFEEDAY |
RCOM |
|
EQUITAS |
RNAM |
|
EVEREADY |
SHILPAMED |
|
FDC |
SHRIRAMCIT |
|
GEPIL |
STAR |
|
GLENMARK |
TAKE |
|
GODFRYPHLP |
TATAPOWER |
|
GRAPHITE |
TCS |
|
HATSUN |
TIMETECHNO |
|
HDFCBANK |
TITAN |
|
HEIDELBERG |
TRENT |
|
INFY |
TVSMOTOR |
|
INOXLEISUR |
UBL |
|
JSWENERGY |
UNICHEMLAB |
|
KANSAINER |
VINATIORGA |
|
LAURUSLABS |
VOLTAS |
|
MCDOWELL-N |
|
|
MOTHERSUMI |
|