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HDFC Bank, Uflex among 5 oversold stocks you should avoid accumulating

The trend among stocks in oversold regions remains highly fragile and could see more downside ahead

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Stocks in oversold territory

Avdhut Bagkar Mumbai

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The benchmark indices, BSE Sensex and Nifty 50 have breached previous reversal levels, instilling bearish sentiment and triggering further downside. The uncertainty on the street remains highly destructive impacting the psychological instincts among trading community.

In such situations, it is highly advised to avoid a few selective stocks while they trade in their respective oversold regions. Shares of HDFC Bank have broken 5-months low in the recent session, while Elgi Equipments has lost ground post striking a new all-time high. 

UFLEX and Polyplex Corporation continue to trade with frail bias since several months, even after benchmark indices showed decisive recoveries. 

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First Published: Aug 25 2023 | 11:49 AM IST

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