Overbought Nifty 50 Stocks At Highest Level In 11 Months
More than a fourth of Nifty 50 Index constituents are overbought, the first time in 11 months. The benchmark gauge has gained over 30 percent so far this year, making it the best performer among Asian peers in terms of U.S. dollars.
As on Friday, 13 Nifty 50 stocks were trading above 70 on the relative strength index, or RSI, a technical analysis indicator. A reading above 70 indicates a security may be poised for a fall. An RSI of less than 30 suggests an asset is oversold and could gain.
Nifty 50 Stocks With RSI Above 70
- Bharat Petroleum Corporation
- NTPC
- Adani Ports & SEZ
- ACC
- HDFC Bank
- Yes Bank
- Ambuja Cement
- IndusInd Bank
- Indian Oil Corporation
- Eicher Motors
- HUL
- Vedanta
- Hero MotoCorp
RSI can be used to recognise potential turning points to help make decisions to sell or buy.
Should investors be worried about the current RSI reading? Only time will tell.
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