Ratnamani Metals, MCX among 5 overbought stocks with RSI above 70

Investors constantly seek opportunities to maximize their returns, and one indicator that often grabs their attention is the Relative Strength Index (RSI). On November 8, Wednesday, a total of 37 stocks ventured into the overbought zone, making them intriguing prospects for investors. In this article, we'll explore the RSI and its significance, as well as spotlight five stocks that have been riding high on the overbought wave.

RSI is scaled from 0 to 100. When RSI exceeds 70, the stock is considered overbought, suggesting that a price correction might be imminent. Conversely, when RSI falls below 30, the stock is seen as oversold, indicating a potential price rebound.

Exploring Five Stocks in the Overbought Zone

Let's take a closer look at five stocks that are currently in the overbought territory:
1) BSE Ltd.
RSI: 82.91
Previous RSI: 81.4

2) Multi Commodity Exchange Of India Ltd.
RSI: 82.23
Previous RSI: 82.25

3) Ratnamani Metals & Tubes Ltd.
RSI: 81.81
Previous RSI: 76.98

4) Kalyan Jewellers India Ltd.
RSI: 80.8
Previous RSI: 78.6

5) Trent Ltd.
RSI: 81.16
Previous RSI: 80.07

Data pertaining to stocks which are trading in an overbought zone on November 9, Thursday will be updated later today after market hours.

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(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)