On September 27, Wednesday, StockEdge identified 25 stocks in the overbought zone with declining RSI trends. ETMarkets delves into the significance of RSI and spotlights 10 stocks from this group.
"As for the QIP, given the accelerated growth that we are seeing in the market, we will need additional money, because from Rs 8,000 to 10,000 to 12,000 to 15,000 crore we have a clear visibility in terms of revenue. You can raise debt to fund some part of it, but you definitely need equity capital for funding the growth. It was a well thought out decision and the timing was also right."
On September 25, Monday, StockEdge identified 20 stocks that were in the overbought zone but exhibited bearish or declining Relative Strength Index (RSI) trends. ETMarkets has selected 10 of these stocks for a closer look.
"The issue was subscribed well. We have quite a few existing foreign shareholders building further — HSBC Global and the domestic funds like SBI or Kotak, HDFC, Birla. We also have new foreign institutional investors like Fidelity, ADIA and so on. So, basically the fund is being raised to support the growth plans that Blue Star has."