The Relative Strength Index (RSI) is a tool used in stock trading to check how fast and how much a stock’s price is changing. It has a scale from 0 to 100. If the RSI is above 70, the stock might be overpriced and could see a drop. If it is below 30, the stock might be underpriced and could rise. RSI is usually calculated over 14 days.
Here is the list of stocks that are in the Overbought Zone on RSI :
1. ASIAN PAINTS
Asian Paints is one of India’s leading and most well-known paint companies, founded in 1942. Headquartered in Mumbai, it has grown to become the largest paint company in India and the third-largest in Asia. The company operates in 15 countries and has 27 paint manufacturing facilities worldwide, serving consumers in over 60 countries.
With a market capitalization of Rs. 2,36,888 crores, the stock is trading at Rs. 2,469. The RSI stands at 72.51, indicating that the stock is in the overbought zone. This suggests a potential risk for downside.
2. NESTLE
Nestle India Limited is one of the leading food and beverage companies in the country and a subsidiary of the global giant Nestlé S.A., Switzerland. Incorporated in 1959 and headquartered in Gurugram, Haryana, Nestlé India has been deeply rooted in the Indian market for over six decades.
With a market capitalization of Rs. 2,32,757 crores, the stock is trading at Rs. 2,414. The RSI stands at 73.56, indicating that the stock is in the overbought zone. This suggests a potential risk for downside
3. HDFC LIFE
HDFC Life Insurance Company Limited is one of India’s leading life insurance providers, established in 2000 as a joint venture between Housing Development Finance Corporation Ltd. (HDFC) and Abrdn (formerly Standard Life), UK.
With a market capitalization of Rs. 1,55,036 crores, the stock is trading at Rs. 720. The RSI stands at 71.40, indicating that the stock is in the overbought zone. This suggests a potential for risk for downside.
4. AMBUJA CEMENT
Ambuja Cements Limited is one of India’s leading cement manufacturers and a key player in the building materials sector. Established in 1983 and headquartered in Mumbai, the company was formerly known as Gujarat Ambuja Cements Ltd.
With a market capitalization of Rs. 1,40,299 crores, the stock is trading at Rs. 569. The RSI stands at 72.71, indicating that the stock is in the overbought zone. This suggests a potential risk for downside.
5. BRITANNIA
Britannia Industries Limited is one of India’s oldest and most trusted food companies, known for its wide range of bakery and dairy products. Founded in 1892, Britannia is part of the Wadia Group and has become a household name across India.
With a market capitalization of Rs. 1,31,231 crores, the stock is trading at Rs. 5,448. The RSI stands at 78.54, indicating that the stock is in the overbought zone. This suggests a potential risk for downside.
Written By Abhishek Das‘
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