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Stocks across-the-board have witnessed a significant correction in recent trading sessions amid valuation worries, and uncertainty over the timing of US interest rate cuts.
The NSE benchmark Nifty 50 has declined 3 per cent from its recent high, while the broader indices - the Nifty MidCap 150 and SmallCap 250 have shed 7.4 per cent and 10.1 per cent, respectively.
However, stocks tend to pullback after a sharp adverse reaction, wherein the stocks get oversold. Among the key momentum oscillators, the 14-day RSI (Relative Strength Index) is one such key technical indicator that suggests if the stock is overbought or
