Overbought conditions can be a signal for investors, and the Relative Strength Index (RSI) is a crucial tool to gauge them. On November 6, Tuesday, StockEdge flagged 12 stocks in overbought zones, and ETMarkets investigates 5 of them to understand RSI s significance in assessing stock movements.
India VIX was up by 2.92% from 11.49 to 11.82 levels on Tuesday. Volatility has been on the rise from the last two sessions which has made the upside capped for the indices.
Amongst sectors, Nifty Realty, Media, and Consumer Durables were major gainers, while Auto, Pharma, and Healthcare were major losers. Analysts see the market consolidating within the range of 18,980 to 19,220 in the near term.