Street Signs: Nifty50 enters 'overbought' zone, Indigo may gain altitude

The stock of IndiGo airlines' parent company, Interglobe Aviation, posted one of its longest winning streaks this week

Nifty enters ‘overbought’ zone
 

Going ‘long’ is becoming an overcrowded trade on Dalal Street, and any negative trigger could lead to a sharp correction, warn experts. However, given the strong momentum, particularly in IT stocks, the downside could be protected in the immediate term. “With the Nifty50 surging to  new life-time highs, the bulls remain in control. Further upsides are likely once the immediate resistance of 21,492 is taken out. Caution is, however, warranted for the near term as the 14-day RSI at 84.93 is in overbought territory. But the 14-week RSI is at 75.87, which implies that it is