Over 80 stocks in Nifty Midcap 100 hint more room for upside. Time to buy?

Out of the 100 stocks in the Nifty Mid-cap 100 index, only 12 are trading in the overbought category of Relative Strength Index (RSI), signalling more room for other stocks to rally. The stocks in the overbought category include GMR Infrastructure, Bharat Heavy Electricals, Mahindra & Mahindra Financial Services, JSW Energy, Tata Power, Dixon Technologies (India), Indian Hotels Co, Indian Railway Catering And Tourism Corporation, Aarti Industries, Canara Bank, Godrej Properties, Deepak Nitrite and Aegis Logistics.

The RSI is a momentum indicator whose core significance is to determine the underlying strength. To identify the same, the indicator plots stocks