iStockAs over 90 stocks were trading in an overbought zone on July 17, Monday, according to data sourced from StockEdge, ETMarkets has handpicked 10 stocks from this group that warrant attention.
The overbought zone refers to a situation where a stock's price has risen significantly and is considered to be trading at a higher value than its perceived true worth. In the context of RSI, the overbought zone is typically considered to be when the RSI value is above 70. An RSI reading above 70 indicates that the stock may be overvalued and could be due for a correction or price pullback in the near future.
10 Stocks in Overbought Zone
Now, let's explore the 10 selected stocks currently trading in the overbought zone:
1) Wipro Ltd. (RSI: 72.18, Prev. RSI: 65.54)
3) Tejas Networks Ltd. (RSI: 72.13, Prev. RSI: 80.16)
4) Asian Paints Ltd. (RSI: 72.02, Prev. RSI: 69.15)
5) IIFL Finance Ltd. (RSI: 71.91, Prev. RSI: 70.93)
6) Vaibhav Global Ltd. (RSI: 71.51, Prev. RSI: 44.46)
7) Can Fin Homes Ltd. (RSI: 71.49, Prev. RSI: 69.15)
8) Mastek Ltd. (RSI: 71.39, Prev. RSI: 70.35)
9) Supreme Industries Ltd. (RSI: 71.27, Prev. RSI: 70.93)
10) ICICI Securities Ltd. (RSI: 71.2, Prev. RSI: 70.23)
Data pertaining to stocks which are trading in an overbought zone on July 18, Tuesday will be updated later today after market hours.
(Disclaimer: This is an AI generated article. Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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