Among defence stocks Bharat Electronics, Hindustan Aeronautics, Bharat Dynamics, and Garden Reach Shipbuilders & Engineers declined 3 -9%. In the Railways sector, RailTel Corporation of India, Rites and Rail Vikas Nigam dropped 9-11%.
Stocks that were in focus included names like L&T, which rose 1.88%, Cochin Shipyard, which fell 10.8%, and BEML, whose shares declined 10.61% on Tuesday.
Mazagon Dock is among the stocks that analysts are not comfortable with from a valuation standpoint, after the stellar rally. It has an average target price of Rs 806, according to Trendlyne, which implies a downside of over 64% from the current levels.
On September 7, Thursday, StockEdge identified 21 stocks trading in the overbought zone with bearish RSI trends. From this list, ETMarkets has singled out 10 cautionary stocks for investors to consider. Discover the significance of RSI and gain insights into these stocks to make informed investment decisions.