 "markets")
The benchmark indices have witnessed decent weakness lately, with the BSE Sensex and the Nifty 50 correcting over 5 per cent each. The current scenario on the charts exhibits sideways movement with Sensex struggling at 60,000 and Nifty 50 at 18,000 levels.
Under these circumstances, the market participants have become cautious and seek opportunities in safer bets. This sentiment has pushed major stocks into an extreme bullish territory. In addition, these overbought stocks continue to see a strong buying momentum that could enable them to explore uncharted territory on the higher side.
Close to 42 stocks in the Nifty 500 have seen constant interest of market participants in recent times, placing them in the overbought category of Relative Strength Index (RSI). The RSI indicator shows the position of stocks in the overbought and oversold condition to determine the overall sentiment. The overbought condition reflects profit booking and oversold shows buying interest.
However, the current scenario display a different picture with overbought stocks attracting more buying interest. These stocks include Adani Total Gas Ltd, Delta Corp Ltd, KPIT Technologies Ltd, La Opala RG Ltd, Mazagoan Dock Shipbuilders Ltd, Minda Corporation Ltd, TVS Motor Company Ltd, Tata Teleservices (Maharashtra) Limited, etc.
Out of these 42 stocks, 27 or over 50 per cent stocks are recording new all-time highs. This lists consists of Blue Star Ltd, KPIT Technologies Ltd, Phoenix Mills Ltd, TTK Prestige Ltd, Tata Teleservices (Maharashtra) Limited, TVS Motor Company Ltd, UltraTech Cement Ltd, etc.
Here's the list:-
Under these circumstances, the market participants have become cautious and seek opportunities in safer bets. This sentiment has pushed major stocks into an extreme bullish territory. In addition, these overbought stocks continue to see a strong buying momentum that could enable them to explore uncharted territory on the higher side.
Close to 42 stocks in the Nifty 500 have seen constant interest of market participants in recent times, placing them in the overbought category of Relative Strength Index (RSI). The RSI indicator shows the position of stocks in the overbought and oversold condition to determine the overall sentiment. The overbought condition reflects profit booking and oversold shows buying interest.
However, the current scenario display a different picture with overbought stocks attracting more buying interest. These stocks include Adani Total Gas Ltd, Delta Corp Ltd, KPIT Technologies Ltd, La Opala RG Ltd, Mazagoan Dock Shipbuilders Ltd, Minda Corporation Ltd, TVS Motor Company Ltd, Tata Teleservices (Maharashtra) Limited, etc.
Out of these 42 stocks, 27 or over 50 per cent stocks are recording new all-time highs. This lists consists of Blue Star Ltd, KPIT Technologies Ltd, Phoenix Mills Ltd, TTK Prestige Ltd, Tata Teleservices (Maharashtra) Limited, TVS Motor Company Ltd, UltraTech Cement Ltd, etc.
Here's the list:-
Source: spidersoftwareindia
Note: Green color stocks are recording new all-time highs
Note: Green color stocks are recording new all-time highs
