Polycab India, RBL Bank: 187 Nifty 500 stocks that look bullish as per RSI

Among the Nifty 500 stocks, the overall trend appears to be extremely bullish. The chart pattern of the Nifty 500 index also suggests the possibility of more buying in these scrips in the days ahead

Even though the markets have been consolidating in a range since the past few sessions, there are still a number of stocks that look bullish on the charts.

An analysis of the Nifty 500 index on the Relative Strength Index (RSI) parameter, a tool that helps identify the strength and momentum on a scale  of 0 to 100 value, indicates only one stock - Container Corporation of India Ltd (CONCOR) - to be on a weak footing.

To measure the sentiment of any stock, the RSI helps to determine the bullish and bearish sentiment. In other words, the index assists in acknowledging the market mood.

Among the Nifty 500 counters, the overall trend appears to be extremely bullish as things stand. The chart pattern of the Nifty 500 index also suggests the possibility of more buying coming in if the index were to see a crorrection from the current levels.

Till the RSI indicator holds the upside momentum above 50 values, the trend remains optimistic.

Nearly 406 stocks that comprise the Nifty 500 index trade above the 50 mark. That said, a range of 50 – 60 is considered most lucrative for stocks wherein one can expect a breakout, volume build-up and even the emergence of follow-up buying.

Of these 406 stocks that trade above the 50 mark on the RSI, 187 stocks that include Zydus Wellness, Zee Entertainment Enterprises, Sun Pharma Advanced Research Company, RITES Ltd, RBL Bank, Sun Pharma Advanced Research Company, Siemens Ltd. are trading in the 50 - 60 zone, the RSI indicator suggests.

Nifty 500 (source: spidersoftwareindia.com)

Nifty 500 (source: spidersoftwareindia.com)

Nifty stocks (source: spidersoftwareindia.com)

nifty 500 source: spidersoftwareindia.com

nifty 500 stocks (source: spidersoftwareindia.com)