Geojit is bullish on CIE Automotive India has recommended buy rating on the stock with a target price of Rs 576 in its research report dated August 18, 2023.
On August 1, StockEdge reported 16 stocks trading with RSI trending down, and ETMarkets has shortlisted 10 of these stocks. In this article, we will dive into the significance of RSI, analyse the RSI downtrend for the selected stocks, and explore how investors can utilize this information to make informed choices.
ICICI Securities is bullish on CIE Automotive India recommended buy rating on the stock with a target price of Rs 598 in its research report dated July 20, 2023.
On July 19, 12 stocks were reportedly trending down in relative strength index (RSI), which measures the speed and change of price movements. Stocks with an RSI of 70 or greater are considered overbought, while those under 30 suggest the stock is oversold. Stocks identified by ETMarkets as trending down on July 19 included Maruti Suzuki India, UNO Minda and Hindustan Unilever.
Over 30 stocks were previously trading in the overbought zone but saw a bearish RSI trend. However, ETMarkets reports that 10 stocks are still trading in the overbought zone, even though their RSI has decreased. RSI is a technical indicator that ranges from 0-100 and measures the change and speed of price movements.