115 Nifty500 stocks trade in overbought territory; time to book profit?

When the larger trend is strong, stocks in overbought territory tend to continue perform and stay buoyant in the face of any setback.

The domestic markets are trading near their all-time high levels, with robust sentiment anticipating a new historic peak. The trend on the charts remains highly optimistic, with every corrective move witnessing accumulation. The underlying trend continues to bolster the positive bias.

Currently, there are 115 stocks in Nifty 500 index trading in the overbought category of Relative Strength Index (RSI). Technically, whenever a stock enters the overbought category, the outlook is categorized as a situation where profit booking may emerge. But, this is not always the case. 

RSI measure the strength on the scale of 0-100 value. Stocks floating over